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
Late last year, the Fédération Internationale Des Ingénieurs-Conseils1 ("FIDIC") launched the First ...
Read More >
Jobs Report Friday again! Lots to look for in the numbers this month, especially considering the eco...
Read More >
In ZB, N.A. v. Superior Court of San Diego County (Lawson), the California Supreme Court held that u...
Read More >
On July 25, 2019, New York governor Andrew Cuomo signed into law two bills aimed at increasing the o...
Read More >
On Thursday, January 30, members of Verrill’s Labor & Employment Group and Employee Benefits & Exec...
Read More >
The table below sets out an overview, based on our current awareness of the position as regards fore...
Read More >