Showing posts with label credit. Show all posts

Friday, September 7, 2012

GE Capital, Franchise Finance Provides Imvescor with $37.1 Million Credit Facility for Refinancing

Press release:

07 September 2012

GE Capital, Franchise Finance Provides Imvescor with $37.1 Million Credit Facility for Refinancing

MONTREAL (QC), Sept. 7, 2012 - GE Capital, Canada’s Franchise Finance business announced today that it has provided Imvescor Restaurant Group Inc. (IRG) with a $37.1 million term loan. IRG will use the funds to refinance all of its outstanding secured debt facilities, including senior loans from GE Capital. The new debt structure also provides IRG with additional flexibility to pay down its outstanding subordinated debt.

Headquartered in Moncton, New Brunswick, IRG owns franchised and corporate restaurants throughout Canada under four brands: Pizza Delight®, operating primarily in Atlantic Canada in the family/mid-scale segment; Mikes® and Scores®, operating primarily in Quebec in the family and casual dining segments and the take-out and delivery segments; and Bâton Rouge®, operating in Quebec, Ontario and Nova Scotia in the casual dining segment.

"Throughout our association with GE Capital, we’ve been impressed by their understanding of and commitment to the restaurant industry,” said Denis Richard, president and chief executive officer of IRG. “GE Capital helps us create shareholder value by providing a solid financial foundation that allows us to concentrate our energies on executing our strategic initiatives."

"We’ve financed more than $1.1 billion in restaurant transactions in Canada over the last 10 years, through all the market cycles," said Edward Khediguian, senior vice president of GE Capital’s Franchise Finance business in Canada. "We combine our industry knowledge, expertise, and financial capabilities to provide customers with customized and flexible credit facilities that help them concentrate on growing their businesses.”

About GE Capital, Franchise Finance GE Capital, Franchise Finance is a leading lender to the franchise finance market, serving the restaurant and hospitality industries. We specialize in financing regional and national restaurant businesses of all sizes across the country. Over the past 10 years, we’ve financed more than 700 restaurant customers with upwards of 1,500 property locations, lending more than $1.1 billion to the Canadian restaurant space. In the Canadian hotel market, we provide financing for nationally known brands in the limited and select-service segments of the industry.

With more than 20 offices throughout Canada, GE Capital (gecapital.ca) offers a wide variety of financial products and services to address commercial financing and fleet management needs in all phases of a business' lifecycle. From equipment finance to working capital and growth financing to large asset-based and restructuring loans, we apply our wealth of industry expertise and develop custom solutions for your company. Some of the industry sectors we specialize in include transportation, construction, healthcare, agriculture, forestry, manufacturing, oil and gas, wholesale and retail, and restaurant and hotel franchise.

GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visit gecapital.com or follow company news via Twitter (@GECapital).

GE (NYSE: GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works. For more information, visit the company's website at www.ge.com.

GE Capital Provides $75 Million Asset-Based Credit Facility for Acme Lift Company, LLC

Press release:

07 September 2012

GE Capital Provides $75 Million Asset-Based Credit Facility for Acme Lift Company, LLC

NORWALK, Conn.--07 September 2012-- GE Capital, Corporate Finance today announced it is administrative agent on a $75 million asset-based credit facility for Acme Lift Company, LLC, a leading wholesale rental company for aerial work platform equipment. The loan will be used to refinance existing debt and support future growth. GE Capital Markets served as sole bookrunner.

Based in Arizona and founded in 1997 by Woody Weld, Acme Lift Company provides equipment to more than 900 rental companies in the United States and Canada, who in turn rent equipment to commercial, industrial and specialty construction firms. Acme is one of the world’s largest strictly wholesale rental companies, with an extensive fleet of boom lifts, telehandlers and truck-mounted cranes.

“GE Capital brought extensive industry knowledge and creative structuring concepts to the deal,” said Steve Nadelman, president and chief operating officer of Acme Lift Company. “Their deep understanding of our business model enabled them to deliver a financing solution that will help build our business.”

“We’re committed to providing capital and market insight to our customers,” said Bob McCarrick, chief commercial officer, lending for GE Capital, Corporate Finance. “Leveraging GE’s insight and industry experience in the rental equipment marketplace allowed us to develop tailored financing options that support the growth of mid-size businesses.”

About GE Capital, Corporate Finance

GE Capital, Corporate Finance provides asset-based, cash flow and structured loans and leases to mid-size and large U.S. businesses. Financing supports working capital, growth, acquisitions, turnarounds and balance sheet optimization in key sectors: Aerospace and defense; automotive and transportation; chemicals and plastics; construction and building products, corporate aircraft; energy; food and beverage; manufacturing; marine; metals and mining; paper, packaging and forest products; retail; and technology and electronics. Funding may be provided through GE Capital, Corporate Finance’s affiliate, GE Capital Bank, member FDIC. With Access GE, clients also benefit from access to GE’s best practices to help build their business. Visit gelending.com/clnewsor follow@GELendLease on Twitter.

GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visit gecapital.com or follow company news via Twitter (@GECapital). GE (NYSE: GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. For more information, visit ge.com.

Wednesday, September 5, 2012

GE Capital is Co-collateral Agent on $1.65 Billion Asset-Based Credit Facility for SUPERVALUINC.

Press release:

05 September 2012

GE Capital is Co-collateral Agent on $1.65 Billion Asset-Based Credit Facility for SUPERVALUINC.

NORWALK, Conn.--05 September 2012--GE Capital, Corporate Retail Financetoday announced it is co-collateral agent on a $1.65 billion asset-based credit facility for SUPERVALU INC., a leading national grocery and pharmacy retailer. The loan will be used for working capital needs and to refinance existing debt. GE Capital Markets served as joint lead arranger and joint bookrunner.

Based in Eden Prairie, Minnesota, SUPERVALU (NYSE: SVU) is one of the largest companies in the domestic grocery channel with annual sales of $35 billion. SUPERVALU serves customers across the United States through its network of more than 4,400 locations, which include traditional retail and hard discount stores, in-store pharmacies and independent stores. SUPERVALU has approximately 130,000 employees.

“This financing will provide SUPERVALU with more financial flexibility as we execute our business turnaround.” said Sherry Smith, executive vice president and chief financial officer of SUPERVALU INC.

“We believe that effective capital solutions are built on sound financing structures as well as strategic insight into the retail business cycle,” said Jim Hogan, senior managing director of GE Capital, Corporate Retail Finance. “Our long-standing specialization financing mid-size and large retailers allows us to develop tailored solutions that support growth.”

About GE Capital, Corporate Retail Finance

GE Capital, Corporate Retail Finance is a leading provider of senior secured loans to retailers, primarily in the U.S., to support working capital, growth, acquisitions and more. With Access GE, clients also benefit from access to GE’s best practices. For more information, visitwww.gelending.com/clnewsor follow @GELendLease on Twitter.

Thursday, August 30, 2012

GE Capital is Administrative Agent on a $150 Million Credit Facility to Support Combination of Golf Town and Golfsmith

Press release from GE:

30 August 2012

GE Capital is Administrative Agent on a $150 Million Credit Facility to Support Combination of Golf Town and Golfsmith

NORWALK, Conn.--30 August 2012-- GE Capital today announced it is serving as administrative agent on a $150 million senior secured credit facility to support the combination of Golf Town and Golfsmith. The combined business operates under the name Golfsmith International and creates the world's largest golf specialty retailer. The credit facility will be used to support working capital and to refinance existing debt. GE Capital Markets served as lead arranger and bookrunner on the transaction.

Golf Town, an OMERS Private Equity portfolio company, was founded in 1999 in Ontario, Canada and operates stores across Canada and the greater Boston area. Golfsmith, founded in 1967 and headquartered in Austin, Texas, began as a golf catalog business and now includes retail locations across the U.S. along with a significant online platform. The newly formed Golfsmith International will operate a combined 151 retail locations across the U.S. and Canada, as well as an e-commerce site.

"GE Capital structured the financing that will enable us to make this combination and our ongoing operations a success," said Sue Gove, president and chief operating officer of Golfsmith International. “Golfsmith International and OMERS Private Equity have both worked with GE Capital for years, and we are confident that we will benefit from their industry knowledge and understanding of our business goals.”

“The industry continues to be selective with mergers and acquisitions, but smart retailers are finding there are good opportunities available to accelerate growth,” said Jim Hogan, senior managing director of GE Capital, Corporate Retail Finance. “Bringing together our retail finance expertise with the sponsor finance experts at GE Antares meant we were able to quickly understand the needs on all sides of this transaction and structure financing accordingly.”

About GE Capital, Corporate Retail Finance

GE Capital, Corporate Retail Finance is a leading provider of senior secured loans to retailers, primarily in the U.S. and Canada, to support working capital, growth, acquisitions and more. With Access GE, clients also benefit from access to GE’s best practices. Visit gelending.com/clnews.

About GE Antares Capital

GE Antares is a unit of GE Capital, Americas. We are builders, not bankers. With offices in Atlanta, Chicago, Los Angeles, New York, and San Francisco, GE Antares is a leading middle market lender, offering a “one-stop” source for GE’s lending and other services offered to middle market private equity sponsors. For more information, visit the GE Antares website at geantares.com.

About GE Capital

Tuesday, August 21, 2012

GE Capital, Franchise Finance Provides $45 Million Credit Facility to Raising Cane’s

Press release from GE:

21 August 2012

GE Capital, Franchise Finance Provides $45 Million Credit Facility to Raising Cane’s

Funds revolving line of credit and refinancing

SCOTTSDALE, Ariz.--21 August 2012-- GE Capital, Franchise Finance recently provided a $45 million senior secured credit facility to Raising Cane’s Chicken Fingers®, a Baton Rouge, La.-based restaurant chain. The facility refinances the company’s existing term loan and provides a revolving line of credit. A portion of the funding was provided through GE Capital bank affiliate, GE Capital Bank.

“We’ve been working with GE since 2003,” says Brad Sanders, chief business officer, fry cook, and cashier, Raising Cane’s. “Because of our relationship, they were able to create a more flexible deal structure which really set them apart.”

Todd Graves, the founder of Raising Cane’s, having received a C on the business plan in college, worked several jobs to save enough money to open the first restaurant in 1996 near the LSU campus

“Raising Cane’s has a great track record of success,” says Ryan Ruud, vice president, GE Capital, Franchise Finance. “We’re pleased to have supported the company during a nine year relationship, and are excited to put a new facility in place to support their next phase of growth.”

Raising Cane's was founded in 1996 and serves fresh, never frozen, chicken finger meals, including Texas toast, crinkle-cut fries, cole slaw, and Cane's sauce, through 131 restaurants in 16 states.

About GE Capital, Franchise Finance

GE Capital, Franchise Finance is a leading lender for the franchise finance market via direct sales and portfolio acquisition. With more than 30 years of experience and $10 billion in served assets, we serve over 3,000 customers and over 18,000 property locations. We specialize in financing mid-market operators with multiple stores in the restaurant and hospitality industries. Our team of industry experts will work with you to help develop your own growth plan with access to our proprietary industry research and customized tools. More information is available atwww.gefranchisefinance.com.

Monday, August 13, 2012

Problems Riddle Moves to Collect Credit Card Debt

The New York Times
Monday, August 13, 2012

Problems Riddle Moves to Collect Credit Card Debt

By JESSICA SILVER-GREENBERG

The same problems that plagued the foreclosure process - and prompted a multibillion-dollar settlement with big banks - are now emerging in the debt collection practices of credit card companies.

As they work through a glut of bad loans, companies like American Express, Citigroup and Discover Financial are going to court to recoup their money. But many of the lawsuits rely on erroneous documents, incomplete records and generic testimony from witnesses, according to judges who oversee the cases.

Lenders, the judges said, are churning out lawsuits without regard for accuracy, and improperly collecting debts from consumers. The concerns echo a recent abuse in the foreclosure system, a practice known as robo-signing in which banks produced similar documents for different homeowners and did not review them.

"I would say that roughly 90 percent of the credit card lawsuits are flawed and can't prove the person owes the debt," said Noach Dear, a state civil court judge in Brooklyn, who said he presides over as many as 100 such cases a day.

Last year, American Express sued Felicia Tancreto, claiming that she had stopped making payments and owed more than $16,000 on her credit card.

While Ms. Tancreto was behind on her payments, she contested owing the full amount, according to court records. In April, Judge Dear dismissed the lawsuit, citing a lack of evidence. The American Express employee who testified, the judge noted, provided generic testimony about the way the company maintained its records. The same witness gave similar evidence in other cases, which the judge said amounted to "robo-testimony."

For more, visit www.nytimes.com.

Saturday, March 31, 2012

Visa and MasterCard Investigate Data Breach

Excerpt from an article in

The New York Times

Saturday, March 31, 2012

Visa and MasterCard Investigate Data Breach

By JESSICA SILVER-GREENBERG and NELSON D. SCHWARTZ

Visa and MasterCard are investigating whether a data security breach at one of the main companies that processes transactions improperly exposed private customer information, bank officials said Friday. The event highlighted a crucial vulnerability that could affect millions of credit card holders.

The breach occurred at Global Payments, an Atlanta company that helps Visa and MasterCard process transactions for merchants. One bank executive estimated that about one million to three million accounts could be affected. That does not mean that all those cards were used fraudulently, but that credit card information on the cardholders was exposed.

The bank official, who insisted on anonymity because the inquiry is at an early stage, said that Visa and MasterCard notified his company on Thursday, but that banks had been frustrated with the pace of disclosure by Global Payments. He said that Global Payments, which is one of the biggest transactions processors, had provided little information on where the breaches took place, how accounts were hacked and other details that could indicate which customers might be vulnerable.

Banks said that when they could identify victims, they would notify them and replace credit cards, if necessary.

While far from the largest breach of credit card data in recent years, the latest incident, which is being investigated by major banks and federal authorities as well as the card companies, underscores concerns about the vulnerability of electronic financial data.

Tuesday, March 27, 2012

GE Capital is Administrative Agent for $350 Million Asset-Based Credit Facility to Shale-Inland

Note to visitors: The Palo-Negro-Blog is no longer being actively maintained. For more up-to-date posts, please visit the successor blogs: http://JBK-BizTech.blogspot.com and http://JBK-Current-Events.blogspot.com

27 March 2012

GE Capital is Administrative Agent for $350 Million Asset-Based Credit Facility to Shale-Inland

NORWALK, Conn.--27 March 2012-- GE Capital, Corporate Finance today announced it is administrative agent for a $350 million asset-based credit facility to Shale-Inland Holdings, LLC to support the acquisition of HD Supply Industrial PVF, a distributor of specialty pipe, valves and fittings. GE Capital Markets served as sole bookrunner and joint-lead arranger.

Based in Schiller Park, Ill., Shale-Inland is a leading industrial supplier of products used in refining, petrochemical production and the transportation of water, food, energy, and information to its end use. Through 47 locations in North America, Shale-Inland delivers a broad spectrum of metal, pipe, valves, films, or finished parts just-in-time.

“GE Capital has a firm understanding of the steel industry and a demonstrated ability to get deals done,” said Craig T. Bouchard, CEO of Shale-Inland. “Certainty of execution allows us to capitalize on growth opportunities and build our global business.”

“With a tradition of financing the American steel industry, GE continues its strong support of metals manufacturing and distribution,” said Tom Quindlen, President and CEO of GE Capital, Corporate Finance. “We specialize in providing capital to growing mid-size companies to fuel their business plans.”

About GE Capital, Corporate Finance

GE Capital, Corporate Finance provides asset-based, cash flow and structured loans and leases to mid-size and large U.S. businesses. Financing supports working capital, growth, acquisitions, turnarounds and balance sheet optimization in key sectors: aerospace and defense; automotive and transportation; chemicals and plastics; construction and building products, corporate aircraft; financial and business services; food; manufacturing; marine; metals and mining; paper, packaging and forest products; retail; and technology and electronics. With Access GE, clients also benefit from access to GE’s best practices. Visit gelending.com/clnews.

American Restaurant Industry Starts to Simmer, Says GE Capital

Press release:

27 March 2012

American Restaurant Industry Starts to Simmer, Says GE Capital

Increased consumer spending and foot traffic boost expectations

SCOTTSDALE, Ariz.--27 March 2012-- The American restaurant industry is starting to simmer. Consumers are spending more on meals, and foot traffic at establishments is improving, albeit from a diminished base, according to the 22nd edition of the Chain Restaurant Industry Review, released at this week’s Restaurant Leadership Conference by GE Capital, Franchise Finance. As sales trends recover, operators are translating those positive feelings into a greater willingness to invest in their businesses. And with increasingly accessible credit, they’re able to commit to higher capital expenditures.

“The restaurant industry has come through the upheaval of the past several years by listening closely to the consumer and adapting to their changing tastes – and they’ve done it well,” said Agustin Carcoba, president and CEO of GE Capital, Franchise Finance. “Depending on their segment, brand and focus, operators have emphasized food quality, service quality, menu options and other factors that will lead to renewed growth this year and in the years ahead. Even better, operators did it all while managing operational costs.”

Consumers spent $406.6 billion at restaurants in 2011. For 21 consecutive months, they spent more at restaurants than grocery stores, and that trend is expected to continue. Last year, quick-service restaurants (QSR) accounted for 48.0 percent of that figure, while full-service restaurants (FSR) counted for 48.1 percent. The QSR category includes limited service, fast casual, take-out locations and snack and non-alcoholic beverage bars, while FSR includes family, casual, high-end casual and fine dining establishments.

Operators’ improved expectations can be partially attributed to positive results that were sustained throughout last year. QSR same-store sales grew 3.2% last year – ahead of the FSR rate of 2.4%. QSR benefitted from eight consecutive periods of growth due to more consistent traffic, while FSR relied more on menu price increases and higher average checks.

“Restaurateurs are no longer in survival mode; now they’re planning for the future,” said Trey Brown, commercial leader of GE Capital, Franchise Finance. “To capture that growth and maintain a competitive advantage, they’re investing in their businesses by building new stores, remodeling existing ones or investing in new equipment.”

The level of liquidity available in the restaurant space continues to improve. Merger and acquisition activity – an indicator of the popularity of the restaurant industry among investors – increased last year. Total syndicated volume in the restaurant space increased more than 26% to almost $12 billion in 2011. Strategic buyers returned, such as American Blue Ribbon Holdings LLC, Darden Restaurants and Landry’s Inc. Private equity firms were also active; for example, Golden Gate Capital acquired California Pizza Kitchen.

“We expect restaurants to continue to be appealing acquisition targets because of the ongoing increases in food dollars spent away from home, as well as the scalability of this business model,” Brown added.

About GE Capital, Franchise Finance

GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visitwww.gecapital.com or follow company news via Twitter (@GECapital).

GE (NYSE: GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works. For more information, visit the company's website at www.ge.com.

Monday, March 26, 2012

Kansas City Business Owner Pleads Guilty to Multi-Million-Dollar Bank Fraud Conspiracy,

Kansas City Business Owner Pleads Guilty to Multi-Million-Dollar Bank Fraud Conspiracy

U.S. Attorney’s Office March 23, 2012

Western District of Missouri (816) 426-3122

— filed under: Financial, Fraud, Press Release, White-Collar Crime

KANSAS CITY, MO—David M. Ketchmark, Acting United States Attorney for the Western District of Missouri, announced that the owner of several used car dealerships in the Kansas City, Missouri metropolitan area pleaded guilty in federal court today to his role in a bank fraud conspiracy that resulted in losses of millions of dollars by several financial institutions.

John A. Hart III, 51, of Kansas City, pleaded guilty before U.S. District Judge Ortrie D. Smith to the charge contained in an information that was filed today in lieu of the September 21, 2011 federal indictment.

Between May 2000 and February 2009, Hart operated several used car dealerships at various locations, including Better Than New Automobiles LLC, On Time Auto, and Hart Family Motors.

Hart and others obtained loans and lines of credit from various financial institutions in connection with vehicles involved in his auto sales business. Hart admitted that he provided false and fraudulent financial information to obtain loans and lines of credit. Hart also admitted that he obtained multiple loans in which the same vehicle was pledged as collateral, and failed to disclose to the financial institutions that vehicles pledged as collateral for loans were already encumbered at another financial institution or in another loan.

Hart also admitted that he and his wife borrowed more than $1 million from First Missouri National Bank between November 15, 2006 and March 26, 2008. They provided copies of their 2004 and 2005 income tax returns to the bank. However, according to today’s plea agreement, they did not actually file their 2004 and 2005 returns until 2009. The filed returns were materially different than the tax returns submitted to the bank in support of their loan application. According to the plea agreement, the filed returns claimed a much lower adjusted gross income.

The government believes the loss attributed to Hart is between $2.5 million and $7 million. Under the terms of today’s plea agreement, Hart reserves his right to argue what the appropriate loss calculation should be at the sentencing hearing.

Under federal statutes, Hart is subject to a sentence of up to five years in federal prison without parole, plus a fine up to $250,000 and an order of restitution. A sentencing hearing will be scheduled after the completion of a presentence investigation by the United States Probation Office.

This case is being prosecuted by Acting U.S. Attorney David M. Ketchmark. It was investigated by the FBI.

GE Capital is Administrative Agent on $52 Million Cash Flow Credit Facility for Wanzl Group

26 March 2012

GE Capital is Administrative Agent on $52 Million Cash Flow Credit Facility for Wanzl Group

NORWALK, Conn.--26 March 2012-- GE Capital, Corporate Finance today announced it is an administrative agent in a $52 million U.S. and Canadian cash flow credit facility for Germany-based Wanzl Group, one of the world’s largest manufacturers of shopping carts.The loan will be used to support the acquisition of Cari-All Group, a leading manufacturer of shopping carts in North America. GE Capital Markets served as co-lead arranger and joint bookrunner.

Headquartered in Leipheim, Germany, Wanzl Group manufactures nearly two million shopping carts a year, and produces shelving, display and turnstile systems for food, fashion, and home wares retailers. Wanzl owns seven production facilities in Germany, France, the Czech Republic and China. Cari-All Group includes the Cari-All, Technibilt and Rondi brands and has manufacturing operations in Newton, North Carolina and Montreal, Canada.

“GE Capital used their deep expertise in manufacturing to navigate the nuances and complexities of this financing,” said Michael Marks, CEO of Cari-All Group and Board Member of Wanzl Group. “Working with us and our advisors, they provided the means to make this strategic acquisition and foster our growth plans.”

“Our industry specialization is built on years of experience financing middle-market companies,” said Tom Quindlen, president and CEO of GE Capital, Corporate Finance. “We focus on providing them with flexible financing and other business-building solutions.”

About GE Capital, Corporate Finance

GE Capital, Corporate Finance provides asset-based, cash flow and structured loans and leases to mid-size and large U.S. businesses. Financing supports working capital, growth, acquisitions, turnarounds and balance sheet optimization in key sectors: Aerospace and defense; automotive and transportation; chemicals and plastics; construction and building products, corporate aircraft; financial and business services; food and beverage; manufacturing; marine; metals and mining; paper, packaging and forest products; retail; and technology and electronics. With Access GE, clients also benefit from access to GE’s best practices to help build their business. Visit gelending.com/clnews.

Friday, March 23, 2012

Why Hackers Set Their Sights on Small Business

If you run a small business, and think that none of your data was of interest to a hacker, consider this: what if a hacker could take stolen bank account or credit card information from your computer and package it with the same information from a hundred or a thousand other small businesses? Would it be worth something then?

"SMBs don't know how defenseless they've become, especially to automated and industrialized attack methodologies by organized crime," Christopher Porter tells PCWorld. Porter, a principal with the Verizon RISK Team, is the author of a new report from Verizon on security risk.

"[Hackers] scan the Internet, looking for remote access services, and then try the default credentials. Once they gain access, they automatically install keyloggers to collect password information [as it's typed in]," Porter says. "Then they send the information it out via e-mail or by uploading it to an FTP server or a web site. They aggregate the data and sell it on the black market."

Hackers could use the keylogger to figure out how access and drain a small business' bank account, but more commonly, Porter said, they'll target point-of-sale systems, as four Romanians did recently. "That kind of attack is increasing, because they're low-risk and low-cost attacks for organized crime." Because they're geographically widespread, it's hard for any one police department to follow up.

For more, click the link below:

http://www.pcworld.com/businesscenter/article/252302/why_hackers_set_their_sights_on_small_businesses.html#tk.nl_bdx_h_crawl

GE Capital, Franchise Finance Provides $30 Million to Popeyes® Louisiana Kitchen Franchisee, Shelton Restaurant Group, LLC

23 March 2012

GE Capital, Franchise Finance Provides $30 Million to Popeyes® Louisiana Kitchen Franchisee, Shelton Restaurant Group, LLC

Funds acquisition

SCOTTSDALE, Ariz.--23 March 2012-- GE Capital, Franchise Finance provided a $30 million credit facility to Shelton Restaurant Group, LLC, a Popeyes^® Louisiana Kitchen franchisee. The financing is being used to acquire 29 Popeyes units in the Lafayette, Louisiana area. The funding was provided through GE Capital’s bank affiliate, GE Capital Financial Inc.

“We chose to work with GE Capital because of their industry knowledge and ability to execute on large transactions,” explained Mike Shelton, president, Shelton Restaurant Group, LLC. “We are excited about this acquisition and GE Capital helped make it possible.”

Based in Alexandria, Louisiana, Shelton Restaurant Group, with this acquisition will own and operate 30 Popeyes restaurants throughout Louisiana and Texas.

“Being specialists in this industry enabled us to establish a great working relationship with Mike Shelton, resulting in a smooth transaction process,” said Joseph Philip, vice president, GE Capital, Franchise Finance.

Founded in New Orleans, Louisiana in 1972, Popeyes^® Louisiana Kitchen is the world’s second largest quick-service chicken restaurant, based on the number of units with approximately 2,000 locations around the world. In 2011 Popeyes was named number 20 on the QSR 50 and in 2010 it was named number 57 on the Franchise Times Top 200 Franchise Chains by Worldwide Sales.

About GE Capital, Franchise Finance

Thursday, March 15, 2012

News Release from GE Capital

15 March 2012

GE Capital Retail Bank and The Tile Shop Renew Consumer Financing Program

National Tile Retailer Extends Financing Program through its 57 U.S. Locations and Online Store

KETTERING, OHIO and PLYMOUTH, MINN. – March 15, 2012 – GE Capital Retail Bank and national tile retailer, The Tile Shop, announced today a multi-year extension of their credit card program, which originated in 2009. GE Capital’s Retail Finance business, the operating entity that provides financial solutions to retailers and dealers to help build their customer sales, will continue to manage The Tile Shop relationship and service the account.

Under the agreement, GE Capital will offer The Tile Shop credit card as part of its Home Design^SMprogram through the retailer’s 57 stores and for online purchases at www.tileshop.com. Special financing options are available for any type of installation product or service, including one-of-a-kind accent tiles, stone, marble, design, tools and accessories.

“Our focus is to provide our customers with the products and resources to transform their homes, including flexible payment options,” said Carl Randazzo, national sales manager for The Tile Shop. “GE Capital shares our commitment to a great customer experience and continues to bring their decades of expertise to help us build loyalty and satisfaction.”

The Tile Shop is known for being at the forefront of the do-it-yourself industry, and offers customers design guidance, extensive product knowledge, and thousands of stone and tile products for almost any home application project.

“We are proud to continue working with The Tile Shop to deliver value to their business and support their stores in building relationships with their customers,” said Steve Roe, general manager, flooring for GE Capital’s Retail Finance business. “Our objective is to offer their customers payment options that enable them to accomplish larger home projects to improve and enjoy their spaces.”

For more than 75 years, GE Capital’s Retail Finance business has provided billions of dollars in consumer financing through major retailers and more than 200,000 small- and mid-sized businesses throughout the United States. GE Capital is a leading provider of consumer credit in the Flooring and Home Improvement industries and supports its clients with proprietary online technology such as Business Center, which includes service, marketing and sales tools, as well as the newly launched Learning Center, providing businesses with fast and easy access to training tools and resources on how to better understand and offer financing to consumers.

Wednesday, March 14, 2012

News Release from GE Capital

14 March 2012

GE Capital Provides $40 Million Credit Facility for IT Reseller Redapt, Inc.

HOFFMAN ESTATES, IL – GE Capital’s Commercial Distribution Finance (CDF) business today announced that it will provide $40 million in inventory financing and working capital to Redapt, Inc., a data center infrastructure solutions provider and hardware reseller based in Redmond, WA.

This new program allows Redapt to acquire capital to meet the needs of its growing business. Redapt is a value-added reseller that delivers data center solutions ranging from private and hybrid cloud infrastructure to turn-key rack integration to basic product fulfillment. Inventory financing is an important element of a successful value-added reseller (VAR) business model. CDF has been supporting the IT industry for more than 30 years.

"GE Capital was able to provide credit capacity and structure while allowing us to maintain our current bank relationships," said Rick Cantu, CEO, president and co-founder of Redapt. "We now have the ability to execute our continued growth with the strength and backing of a strong finance company."

"GE Capital is pleased to work with Redapt and its vendors, such as Dell, to provide the working capital financing necessary to meet the needs of its customers," said David Laurence, vice president and sales director of CDF’s technology finance unit.　

About Redapt, Inc.

Redapt, Inc., a minority-owned company established in 1996, delivers data center IT solutions that fit the business needs of each customer. Redapt was awarded Dell’s Partner of the Year acknowledgement in 2010 and 2011, and was recognized as one of "Washington’s 100 Fasting- Growing Private Companies" by Puget Sound Business Journal. For more information on Redapt, Inc., visit www.redapt.com or call 425-882-0400.

Saturday, March 10, 2012

Next Time, Greece May Need New Tactics

Excerpt from an article in

The New York Times

Saturday, March 10, 2012

Next Time, Greece May Need New Tactics

By LANDON THOMAS Jr.

LONDON The Greek government was able to legally strong-arm most of its private bondholders into accepting the debt reduction deal it completed Friday. But next time — and experts predict there will almost certainly be a next time — Greece might have much less leverage.

That’s because as a result of Friday’s deal, the bulk of Athens’s 260.2 billion euros ($341 billion) in remaining government debt will now be held by the International Monetary Fund, the European Central Bank and the individual European nations that have lent Greece money and contributed to the region’s bailout fund.

Politically, Greece would be hard-pressed to force debt losses on such a formidable international group, the way it did with the private banks and hedge funds that have just been forced to accept a 75 percent loss on their Greek bond holdings. Greece’s main creditors, in effect, are now foreign taxpayers — who are likely to be much less malleable than the private creditors if Greece needs to renegotiate its staggering debt load a year or two down the road.

“From now on, whatever happens in Greece, it will be a matter between Greece and the taxpayers of the rest of the euro area,” said Jacob F. Kirkegaard, an analyst at the Peterson Institute for International Economics in Washington.

The final private creditor deal announced Friday was agreed to by nearly 86 percent of the bondholders; the number was expected to rise to 95 percent after Athens invoked a so-called collective action clause forcing others to join in. Without such a deal, Greece had strongly implied, it might default altogether, with no one getting paid. The outcome has enabled Greece to reduce its debt load by just over 100 billion euros, or about $132 billion.

Later in the day, the International Swaps and Derivatives Association ruled that the agreement was nonetheless a technical default by Greece — a ruling that will mean payouts on some insurance contracts, known as credit-default swaps, that various investors had taken out on the privately held Greek debt. Around $70 billion in default swaps on that debt are outstanding, although analysts expect the net payout to end up at only $3.2 billion or so.

Friday, March 9, 2012

ISDA Announces Greece 'Credit Event'

CNBC’s Steve Liesman, Kelly Evans, Bob Pisani & Maria Bartiromo discuss the ISDA announcement that Friday’s Greek bond swap constitutes a “credit event.”

To see the discussion, click the link below:

http://video.cnbc.com/gallery/?video=3000077788

Greek Default

It’s official! The Greek government has defaulted!

Probably not many folks are surprised, but it is now official.

For a video, click the link below:

http://video.cnbc.com/gallery/?video=3000077770

Wednesday, February 22, 2012

News Release from the FBI

New Twists to Telephone Collection Scam Related to Delinquent Payday Loans

Washington, D.C.February 21, 2012

FBI National Press Office(202) 324-3691

The Internet Crime Complaint Center (IC3) continues to receive complaints from victims of payday loan telephone collection scams. As previously reported in December 2010, the typical payday loan scam involves a caller who claims the victim is delinquent on a payday loan and must make payment to avoid legal consequences.

Callers pose as representatives of the FBI, “Federal Legislative Department,” various law firms, or other legitimate-sounding agencies and claim to be collecting debts for companies such as United Cash Advance, U.S. Cash Advance, U.S. Cash Net, or other Internet check-cashing services. The fraudsters relentlessly call the victim’s home, cell phone, and place of employment in attempts to obtain payment. The callers refuse to provide information regarding the alleged payday loan or any documentation and become verbally abusive when questioned.

The IC3 has observed variations of this scam in which the caller tells the victim that there are outstanding warrants for the victim’s arrest. The caller claims that the basis of the warrants is non-payment of the underlying loan and/or hacking. If it’s the latter, the caller tells the victim that he or she is wanted for hacking into a business’ computer system to steal customer information. The caller will then demand payment via debit/credit card; in other cases, the caller further instructs victims to obtain a prepaid card to cover the payment.

The high-pressure collection tactics used by the fraudsters have also evolved. In one recent complaint, a person posed as a process server and appeared at the victim’s job. In another instance, a phony process server came to a victim’s home. In both cases, after claiming to be serving a court summons, the alleged process server said the victim could avoid going to court if he or she provided a debit card number for repayment of the loan.

If you are contacted by someone who is trying to collect a debt that you do not owe, you should:

Contact your local law enforcement agencies if you feel you are in immediate danger;
Contact your bank(s) and credit card companies;
Contact the three major credit bureaus and request an alert be put on your file;
If you have received a legitimate loan and want to verify that you do not have any outstanding obligation, contact the loan company directly;
File a complaint at www.IC3.gov.

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Friday, September 7, 2012

Wednesday, September 5, 2012

Thursday, August 30, 2012

Tuesday, August 21, 2012

Funds revolving line of credit and refinancing

Monday, August 13, 2012

Saturday, March 31, 2012

Tuesday, March 27, 2012

Increased consumer spending and foot traffic boost expectations

Monday, March 26, 2012

Kansas City Business Owner Pleads Guilty to Multi-Million-Dollar Bank Fraud Conspiracy

Friday, March 23, 2012

Funds acquisition

Thursday, March 15, 2012

National Tile Retailer Extends Financing Program through its 57 U.S. Locations and Online Store

Wednesday, March 14, 2012

Saturday, March 10, 2012

Friday, March 9, 2012

Wednesday, February 22, 2012

New Twists to Telephone Collection Scam Related to Delinquent Payday Loans