The client was a nonprofit organization that provides education, behavioral health and child welfare services to children, adolescents and families.
In 2017, the school had to file for bankruptcy to settle a major litigation.
Siena was able to structure a DIP deal that allowed the school to continue to operate and provide services during the bankruptcy process.
The school was subsequently acquired by a nonprofit institute for public health.
“When I was first told the basics of the deal, my thought was no way. A nonprofit school? How did that fit into an ABL structure? Scott (Elliotto) told me to let him finish and I did. He walked me through the situation, their mission and how we could help get them through this tough time. Once I learned more about the school and the greater community they served, we were also on a mission. We were able to turn an unlikely ABL candidate into a client and help them through the bankruptcy process, and now they are back to what they do best—serving their community.”