News Topics

Aircraft Deals

GECAS Cargo to Deliver First Dedicated Air Freighters for S7 Airlines

GECAS entered an agreement with S7 Airlines for two 737-800 Boeing Converted Freighter aircraft. S7 Cargo, general agent for cargo operations sales of S7 Group, will manage freight services. read more

Associations

ELFF Awards Inaugural Scholarships to Three Students

The Equipment Leasing & Finance Foundation awarded three students with the first The Equipment Leasing & Finance Foundation Scholarships, a program inaugurated in 2020 for students interested in potentially pursuing a career in the equipment finance industry. read more

Bankruptcy

July Commercial Chapter 11 Filings Increase 52% Y/Y, Total Filings Down 33%

Total commercial Chapter 11 filings in July 2020 increased 52% from the previous year, according to data provided by Epiq. read more

Data

July Credit Managers’ Index Rebounds to Pre-Pandemic Levels

The Credit Managers’ Index from the National Association of Credit Management rebounded to pre-pandemic levels after shutdowns and preventative measures greatly impacted the U.S. economy. read more

Economy

Umpqua Bank: Technology Spending a Growing Priority for Mid-Size Businesses

According to a survey from Umpqua Bank that gauged the impact of the COVID-19 pandemic on small and mid-size businesses, nearly five in 10 mid-size businesses have increased spending on technology, digital transformation or automation. read more

Equipment Sector

ACT: July YTD Class 8 Sales Up, Average Price, Miles & Age Down

Preliminary used Class 8 volumes (same dealer sales) grew 16% month-over-month in July, according to the latest preliminary release of the State of the Industry: U.S. Classes 3-8 Used Trucks published by ACT Research. read more

Industry

CIT Serves as Sole Lead Arranger on $28MM Maritime Financing

CIT Group’s Maritime Finance business, part of its Commercial Finance division, served as sole lead arranger on $28 million refinancing for Valloeby Shipping. read more

International

CNH Expands South African Agricultural/Construction Equipment Market Presence

CNH Industrial intends to expand its direct presence in southern Africa’s agriculture and construction equipment sectors by acquiring four divisions from CEG, a business unit of Humulani Marketing, an Invicta Holdings Limited company. read more

Joint Ventures

LeaseAccelerator, NTrust Partner to Offer Global Lease Services

LeaseAccelerator partnered with NTrust to support the delivery of Global Lease Services, an outsourced data solution that provides streamlined portfolio, fleet and equipment lease management for global organizations. read more

Lease Accounting

FASB Launches Post-Implementation Review Web Portal

The Financial Accounting Standards Board launched its new post-implementation review (PIR) web portal. The PIR process is a quality control mechanism built into FASB’s standard-setting process that begins after a standard is issued. read more

Legal / Fraud

JHC Adds Partner to Banking, Financial Services and Creditors’ Rights Practice

James L. Ugalde joined Jennings Haug Cunningham as a partner with the firm’s banking, financial services and creditors’ rights practice. Ugalde previously practiced at JHC from 2004 to 2006 as an associate. read more

Mergers / Acquisitions

Texel Completes Acquisition of Meridian Finance Group

The Texel Group completed its acquisition of Meridian Finance Group by purchasing the remaining 50% of Meridian’s shares to bring together a global credit and political risk insurance brokerage. Texel acquired a 50% interest in Meridian in 2017. read more

New Ventures

Travelers Financial Group Launches Alternative Capital Lending Division

Travelers Financial Group launched Travelers Restructuring Capital (TRC), a transitional capital initiative designed to support small and mid-market businesses that operate in asset-intensive industries. TRC works with companies at each stage of the corporate life cycle, allowing them to better understand their... read more

Of Interest

GNA Finds Sustainable Vehicle Technologies and Fuels Growing Across Sectors

According to Gladstein, Neandross & Associates, 98% of fleets expect to increase or continue the same level of use of sustainable vehicle technologies and fuels. In addition, sustainability is the top motivator for purchasing decisions when deploying clean vehicle technologies. read more

People

Wells Fargo Corporate Risk Names New Leaders as Part of Updated Risk Model

Wells Fargo appointed six new corporate risk leaders as part of its enhanced risk model. In addition, Mike Roemer, the current chief compliance officer of Wells Fargo, decided to leave the company. Paula Dominick will join Wells Fargo as chief compliance officer in October. read more

Program Agreements

Verdant Commercial Capital Signs Vendor Program Agreement with Fecon

Verdant Commercial Capital executed a multi-year vendor program agreement with Fecon to provide retail financing for Fecon equipment in the U.S. throughout its dealer network and direct relationships. read more

Recent Earnings

Chesswood Reports Decline in COVID-19 Related Deferrals at End of Q2

Chesswood Group, a North American commercial equipment finance provider for small and medium-sized businesses, reported its Q2/20 results and provided a COVID-19 update, noting that COVID-19 related deferrals declined and 66% of the company’s portfolio is made up of prime credits. read more

Securitization

KBRA Assigns Preliminary Ratings to Stonebriar’s Equipment Contracted Backed Notes

Kroll Bond Rating Agency assigned preliminary ratings to eight classes of notes from Stonebriar Commercial Finance. The notes are newly issued asset-backed securities backed by a portfolio of equipment leases and loans. read more

View Latest Digital Edition

Terry Mulreany
Subscriptions: 800 708 9373 x130
terry.mulreany@monitordaily.com
Susie Angelucci
Advertising: 484.459.3016
susie.angelucci@monitordaily.com

View Latest Digital Edition

Visit our sister website for news, information, exclusive articles,
deal tables and more on the asset-based lending, factoring,
and restructuring industries.
www.abfjournal.com