28Aug
Debt-Free Deals with "Free Debt" – Practical Solutions for Sellers with PPP Loans in M&A
The majority of middle-market M&A has followed a similar structure for quite some time: while ensuring normalized working capital, the seller sweeps “Cash” and pays off all “Debt” at closing. The nuance, of course, lies in the definitions of “Cash” and “Debt.” “Cash” is usually a straightforward definition and excludes restricted cash, as well as checks and wires in transit. On the other hand, the definition of “Debt” usually takes up one-half to three-quarters of a page and, with limited...
By:
Holland & Hart LLP
Related
On March 4, 2020, the U.S. Treasury Department, as chair of the Committee on Foreign Investment in t...
Read More >
Shareholder Representative Services LLC v. RSI Holdco, LLC, C.A. No. 2018-0517-KSJM (Del. Ch. May 29...
Read More >
On May 18, 2020, the Baker-Polito Administration revealed its four-phased approach to reopening the ...
Read More >
As we collect the legal developments that every employer will need to know for 2020, we wanted to pr...
Read More >
On June 25, 2019, Governor J. B. Pritzker signed legislation making Illinois the 11th state to appro...
Read More >
In this episode, Akin Gump international competition and trade partner Davina Garrod and corporate p...
Read More >