Double Trouble: Issues Arising from Split ABL/Term Loan Collateral Silos
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Double Trouble: Issues Arising from Split ABL/Term Loan Collateral Silos
By Jeff Bjork and Adam J. Goldberg, Partners & Liza L. Burton, Associate, Latham & Watkins
To minimize their financing costs, retail companies commonly provide ABL lenders and term loan lenders with senior liens over separate silos of collateral. Typically, the ABL lenders have priority liens over the company’s borrowing base assets—most commonly current assets, such as receivables...
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Liza Burton is an associate in the New York office of Latham & Watkins and a member of the firm’s Restructuring, Insolvency & Workouts Practice, where she focuses on business reorganizations and financial restructurings.
Adam Goldberg is a partner in the New York office of Latham & Watkins and a member of the firm’s Restructuring, Insolvency & Workouts Practice. He represents parties of all types in all facets of the restructuring and reorganization process in and out of court, including creative financing structures for troubled businesses, acquisitions of distressed assets, distressed exchanges, and sovereign restructurings.
Jeff Bjork is a partner in the Los Angeles office of Latham & Watkins and a member of the firm’s Restructuring, Insolvency & Workouts Practice. He represents clients in all aspects of restructuring, including debtors (public company and privately held), distressed investors, sellers and purchasers of financially troubled companies, bond insurers, debt syndicates, and bondholder groups.
