Working with a major national asset-based lender, Crystal Financial provided a $25 million term loan to C&K Market. The term loan is secured by a first lien on all assets, except a second lien on A/R and Inventory, which are first lien collateral for the traditional working capital line of credit. This facility in concert with the revolver provided the necessary liquidity for the company to successfully exit bankruptcy and continue serving their local communities.

In response to a changing retail landscape, C&K filed for Chapter 11 bankruptcy protection in 2013 and needed a financing partner who could maximize the value in all of its assets.  As part of its reorganization process, C&K focused on its most profitable stores and rationalized overhead. The company sought a financing partner to who could maximize the value in all of its assets and provide a flexible term loan solution to refinance prepetition debt.This facility in concert with the revolver provided the necessary liquidity for the company to successfully exit bankruptcy and continue serving its local communities.

C&K Market is a regional grocery chain founded in 1956 that currently operates 43 stores in California and Oregon.

Crystal Financial, a portfolio company of Solar Capital Ltd, is an independent commercial finance company that provides senior and junior secured asset-based and cash flow loans to middle market companies. Its team of experienced, responsive professionals has underwritten, closed and managed more than $20 billion in secured debt commitments across a wide range of industries.