Common Contracts
1 similar null contracts
BLOCKING & TACKLINGFebruary 15th, 2019
Tackle, LLC (“Tackle”) is a Delaware limited liability company which manufactures aluminum bass boats. Block Fund XIII, LP (“Block”), is a New York based lending institution which is an affiliate of Chop, LLC (“Chop”), a wildly successful international hedge fund. Block held a valid, perfected, first priority security interest in all of Tackle’s assets as collateral for its loan. Tackle experienced significant pressures from tariffs imposed on aluminum and products liability cases associated with its products. Tackle entered into a Forbearance Agreement to restructure a portion of the debt owed to Block and to extend the maturity of the obligations in hopes that it could weather the perfect storm the tariffs, lawsuits and Block’s Loan Agreement had created. Notwithstanding the pressures it faced, Tackle felt that it had significant value but was just experiencing a short term liquidity crisis which time would cure.
