Prior to Sports Authority’s bankruptcy filing, Tiger Capital was approached by PJT Partners to help their clients, the Junior Secured Term Lenders, better understand both the operating and liquidation options available to Sports Authority.

The Term Lenders were owed in excess of $240MM, junior to the traditional borrowing base structured ABL and FILO working capital facility.

In addition to a second lien on all of the working capital assets, the Term Lenders also had a 1st lien on the furniture, fixtures and equipment and intellectual property.

PJT leveraged Tiger’s knowledge as both lender and liquidators to help them better understand both the asset values and likely liabilities of a bankruptcy.

Walmart elected to exit its ModCloth assets and negotiated a sale to Go Global Retail. The transaction required a fast turnaround to fund working capital and acquisition financing. The Company contacted Tiger as a lender that could quickly assess the business plan and the asset value.

After experiencing several years of rapid growth and profits, the company encountered several years of financial setbacks due to over-expansion, and challenges due to the rapidly changing women’s fashion apparel retail marketplace. The company engaged a well-respected strategic consulting firm along with a new management team to help reposition the company’s product offering, operating platform and capital structure as part of an overall turnaround business plan.

ASE/ Performance Bikes sold Fuji, Kestrel, SE and Joe Beezer bikes through a chain of Performance Bikes retail stores, as well through a wholesale network of 750 independent bike shops located throughout North America. Driven largely to mounting losses of the retail bike locations, ASE filed bankruptcy and liquidated the Performance Bike retail stores, while at the same time looking for a solution on the wholesale business line.

The Company underwent an Article 9 strict foreclosure sale in early 2020. The Company’s current private equity owner, Windsong Brands, acquired the business alongside their largest creditor and supplier. Windsong realized portions of the business were highly fragmented from an operating perspective and saw significant potential to leverage their existing relationships to stabilize and grow the business platform, particularly as it related to the Walmart business and certain IP assets.

A lower middle market pipe trader had an opportunity to purchase the inventory from a cancelled pipeline. The opportunity was 10x the size of their typical project.

Due to Covid, Laney Directional Drilling had significantly missed sales plans and was underperforming. The Company’s existing facility with a senior bank group was in workout with the debt coming due, and they needed a new financing partner. A broker brought the situation to Tiger’s attention as all other potential lenders had not yet been able to get comfortable with the assets of the Company.

Velocity Ventures had purchased a neighboring property from one of Tiger’s borrowers in the last two years. Assets were being auctioned off through a 363 process, including a piece of property Velocity Ventures was interested in acquiring. Velocity needed to find financing quick in order to purchase the real estate and equipment.

Alpha 6 Distributions, creator of the outdoor apparel brand Arctix, was looking for additional capital to support the working capital needs of their rapidly growing brand.

Pilot Wave E-Commerce Holdings, LLC (PWE) is a consumer goods subsidiary of Pilot Wave Holdings, which acquires established businesses and implements proprietary analytics to ramp up their performance. PWE’s current facility with a local bank undervalued their Amazon Inventory and Amazon Receivables, and they sought a more dynamic structure.