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Case Studies

Greenhouse Grower


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  • The Com­pa­ny was a green­house grow­er of sea­son­al flow­ers for Lowes, Home Depot and Wal­mart. There were 5 green­house
    loca­tions through­out Texas
  • Com­pa­ny had been in default with its bank for 12+ months
  • Com­pa­ny became EBIT­DA pos­i­tive and had recov­ered from pay­ment Default but was still covenant defaulted
  • Bank want­ed pay­off of approx­i­mate­ly $35 MM


  • Chi­ron began arrang­ing financ­ing on July 15th
  • Bank desired Chap­ter 11 fil­ing by Sep­tem­ber 30th if not paid out in full on Work­ing Cap­i­tal and Equip­ment Finance loans
  • Chi­ron arranged 1st lien A/R loan, sep­a­rate 1st lien Inven­to­ry loan, and 1st lien Equip­ment loan
  • Chi­ron also arranged 2nd lien loan facility
  • Refi­nanc­ing closed in 75 days, extra­or­di­nar­i­ly quick­ly giv­en there were mul­ti­ple lenders, for­bear­ance agree­ment need­ed for real
    estate and inter­cred­i­tor agreements
  • Bank agreed to a 6‑month for­bear­ance exten­sion of the remain­ing $17 MM of real estate financing
  • Chi­ron arranged financ­ing through USDA on real estate pack­age and sub­se­quent­ly placed $17 MM with a Neva­da Cred­it Union

Chi­ron refi­nanced us out of $35MM of loans to a long-strug­gling whole­sale sea­son­al flower grow­er, clos­ing a mul­ti-tranche trans­ac­tion with­in just 75 days of launch.” — Bar­ry Stur­di­vant, Bank of the West VP

The Challenge

Company had been in default with its bank for 12+ months.

The Chiron Solution

Chiron arranged 1st lien A/R loan, separate 1st lien Inventory loan and 1st lien Equipment loan.

Chiron also arranged 2nd lien loan facility.

The Result

Refinancing closed in 75 days, extraordinarily quickly given there were multiple lenders, forbearance agreement needed for real estate and intercreditor agreements.

Is your com­pa­ny per­form­ing like it should?