07 Jan Bank Workout for Greenwich CT Restaurant
January 7, 2013
Worth Avenue Capital Closes Another Bank Workout
Worth Avenue Capital, LLC is pleased to announce that is just closed a bank workout for a very well known restaurant in Greenwich, Connecticut. As a result of the challenging economy, the restaurant had experienced a decrease in its annual revenue and was having difficulty servicing its monthly debt obligations including a $500,000 bank loan to a Connecticut based community bank. WAC negotiated directly with the bank’s Senior Management Team and created an excellent working and amicable relationship with the bank to ensure a workable and mutually beneficial resolution to the debt restructuring of the restaurant’s outstanding loan with the bank.
In addition to assisting the client with the bank workout, WAC assisted the restaurant with restructuring its capital structure and was able to help the restaurant’s principal owner and operating partner with negotiating a buy out of several minority partners in the restaurant as well as the real estate entity that owns the building where the restaurant is located. WAC efforts in this transaction were instrumental in enabling the restaurant’s principal owner to gain 100% ownership of the operating company that owns the restaurant as well as 100% ownership of the real estate entity that owns the real estate.
WAC specializes in arranging commercial loans for small businesses and real estate developers/investors and also handles bank workouts for those same clients. You can learn more about WAC by taking a look at their website at worthavenuecapital.com or by contacting WAC’s principal, Michael M. Ciaburri at worthavenuecapital@gmail.com or
(203)605-4082. WAC maintains two offices in Guilford and Westport, Connecticut.