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For the bank, Second Wind pre-packages debtor consent to secured party sales, as part of going concern transactions. Banks exit a distressed credit for full asset valuation cleanly, either through a pre-packaged UCC Article 9 sale, or through a streamlined note sale.
Our process, featured in American Banker Magazine, increases total recovery value for banks, while also increasing the recovery value of any personally guarantied deficiency, whereas the bank’s guarantor will continue to earn within the entity purchasing the assets.
Through a Second Wind alliance, banks can transition underperforming and non-performing credits to ABL, despite the previous existence of sub-debt, which is fully resolved through our Article 9 process. By result, the bank recovers maximum value and avoids both reputational risk and the inefficiencies of formal liquidation, while also streamlining exits to ABL.
It definitely is more advantageous to banks . . . It’s easier for them to offload underperforming loans and less expensive for them.
Val Venable, National Association of Credit Management – in American Banker Magazine 4/23
For those banks not as knowledgeable and experienced in how the Article 9 restructures works, it would be advisable to be educated on this.
James Van Horn, partner, Barnes & Thornburg, global president, TMA. – in American Banker Magazine 4/23
Featured Insights
Selected perspectives on how businesses overcome distress and find a path forward.
The Clean Slate: Mastering Article 9 Restructuring
ABF Journal’s Editor in Chief Rita Garwood sits down with Adam Duso of Second Wind Consultants and Jacen Dinoff of KCP Advisory to break down how Article 9 restructuring works as a faster, cleaner alternative to bankruptcy for middle-market companies buried in layered debt.
A Sunny Disposition: Avoiding Successor Liability in Secured Party Sales
Article 9 sales give secured lenders a faster, court-free way to resolve distressed credits, reduce costs, avoid litigation risk, and achieve clean asset transfers while minimizing successor liability when transactions are properly structured and commercially reasonable.
TMA Turnaround Square: Not Your Parents’ Article 9 Restructuring
Article 9 restructuring enables a faster, cooperative, out-of-court solution that aligns stakeholders, preserves business operations, reduces costs, and avoids bankruptcy complexities, as shown in the Namco Pools case through flexible, incentive-driven collaboration among lenders and buyers.
Latest Insights
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One of the things business owners often tell us after an MCA problem has been…
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