Potomac Investor Ethan Assal’s Sixth Fund Raises $60+ Million
September 27, 2022
Potomac investor and Shulman Rogers client Ethan Assal’s sixth fund has raised more than $60 million just 18 months after closing […]
Timothy Bryan, Chairman of the Firm’s Commercial Finance Practice Group, provides his clients with creative and cost-effective solutions to their legal and business matters. During his 30-year legal career, Tim has amassed significant knowledge in the corporate finance arena, concentrating on commercial finance transactions ranging from $5 million to in excess of $500 million across a myriad of industries such as manufacturing and distribution, healthcare and biotech, telecommunications and IT, government contracting, media and marketing, cannabis and other business services.
Tim represents banks, commercial finance companies, debt funds, alternative capital providers, equity sponsors and portfolio companies in a wide range of senior and subordinated debt transactions from term sheet to final documentation. His expertise includes cash flow loans, asset-based lending, mezzanine finance and unitranche lending. He also advises private equity funds and middle-market companies in investments and acquisitions and works with lending professionals and in-house counsel to improve their internal forms and procedures for successful and efficient lending practices.
Tim also has significant experience in corporate bankruptcy matters, and represents lenders and other capital providers in workouts and restructuring of troubled loans, debtor-in-possession financing and cash collateral matters. His experience successfully navigating business bankruptcy cases gives him a 360-view of commercial finance transactions, which he uses to outline the potential risks of a transaction to his clients, enabling them to make well-informed decisions in both bull and bear economies. Clients appreciate that Tim helps them close transactions while effectively managing and mitigating risk.
Prior to joining Shulman Rogers, Tim was a partner at several international law firms including: Duane Morris LLP, where he was Chair of the Private Equity Finance Group; Patton Boggs LLP, as Co-Chair of the Finance and Bankruptcy Group; and DLA Piper LLP, where he was a corporate partner in the Finance and Emerging Companies Practice Groups. His experience as the general counsel of an international telecommunications company provides him with a unique perspective on challenges facing both lenders and borrowers.
Tim serves on the Global Board of Directors of the Association for Corporate Growth, and is a past president and board member of the organization’s Maryland Chapter. A 1991 graduate of the University of North Carolina School of Law, he was an editor of the North Carolina Journal of International Law and Commercial Regulation, and a summa cum laude graduate of North Carolina State University with degrees in both economics and business management.
Professional & Community Affiliations
Association for Corporate Growth
- Director, Global Board
- Director, Past President, Maryland Chapter
Turnaround Management Association
- Past Director, Global Board
- Past President, Chesapeake Chapter
Commercial Lending Transactions
- Represented a major bank in a $250 million senior secured credit facility to an information technology company.
- Represented a private equity fund in financing the acquisition of $350 million of marina properties across the U.S.
- Represented a major non-bank lender in a $95 million senior secured credit facility to a vacation club.
- Represented a major non-bank lender, as agent, in a $75 million senior secured credit facility to a pharmaceutical distributor.
- Represented a major non-bank lender, as agent, in a $75 million unitranche credit facility to a nutritional supplements company.
- Represented a major non-bank lender in a $75 million unitranche credit facility to an energy equipment company.
- Represented a major bank, as agent, in a $65 million syndicated loan facility to a casino operator.
- Represented a major bank, as agent, in a $65 million syndicated loan facility to a medical equipment distributor.
- Represented a major non-bank lender, as agent, in a $60 million senior secured credit facility to a soft drink bottler.
- Represented a major non-bank lender, as agent, in a $60 million unitranche credit facility to a media and marketing company.
- Represented a major bank, as agent, in a $40 million syndicated acquisition and working capital facility to an automotive parts distributor.
- Represented a bank, as agent, in a $26 million syndicated loan facility to a medical equipment distributor.
- Represented bank in a $25 million acquisition and working capital loan facility to a broadcasting company.
- Represented a shale oil producer in a $450 million subordinated financing in connection with the acquisition of development properties.
- Represented a scaffolding company in an $80 million asset-based financing.
- Represented a purchaser, as borrower, in a $50 million senior secured credit facility in connection with its acquisition of an electronic instruments business.
- Represented a borrower in a $20 million asset based credit facility and the related restructure of previously-issued equipment bonds.
Mergers, Acquisitions, Asset Sales, and Joint Ventures
- Represented a foreign owned investment company in the acquisition of a majority equity stake of a $300 million holding company with electric power generation assets in various Caribbean countries.
- Represented a purchaser in the $100 million acquisition of an instrument division of a major electronics equipment manufacturer with facilities in seven countries.
- Represented a telecommunications testing company in the $50 million sale of its assets to a Fortune 100 manufacturing company.
- Represented a telecommunications company in a joint venture with a company based in the Netherlands for the marketing of telecommunications services.
- Represented a manufacturer of telecommunications testing equipment in its merger with a public company based in the United Kingdom.
- Represented a private equity fund in various acquisitions including the purchase of a yarn manufacturer, a specialty food products distributor, an engineering services company, and an online media company.
- Represented a telecommunications company in the sale of various fiber optic projects throughout the United States.
Restructurings and Loan Workouts
- Represented a major bank in the restructuring of $240 million of secured credit facilities to a commercial agricultural operation.
- Represented a group of lenders in the restructuring of $80 million of credit facilities to a real estate investment trust.
- Represented a major bank in the restructuring of $70 million of secured credit facilities to a manufacturing company.
- Represented a commercial lender in the restructuring of a $40 million credit facility with a developer of timeshare properties.
Bankruptcy Representations
- Represented a telecommunications equipment manufacturer in connection with a $120 million vendor finance facility in the bankruptcy case of a telecommunications company.
- Represented a securitized loan servicer in connection with $45 million of debt, secured by commercial real estate in four states, in the Chapter 11 case of a borrower and it s subsequent asset sale.
- Represented a foreign-owned investment company as an equity participant of non-debtor affiliates of Lehman Brothers Holdings.
- Represented a telecommunications equipment manufacturer and licensor of related software in the restructure and assignment of software licenses in the bankruptcy cases of numerous telecommunications companies.
- Represented a strategic purchaser of assets in a debtor-in-possession financing and asset acquisition in the bankruptcy case of a telecommunications company.
- Represented a foreign-owned investment company as the purchaser of an ethanol production facility from a Chapter 11 debtor.
- Panelist – Small Business Administration Loan Opportunities
- Speaker, “Transatlantic Intercreditor Agreements: Comparing, Contrasting, and Reconciling U.S. and European Approaches,” Strafford webinar, March 2019
- Speaker, “Transatlantic Intercreditor Agreements: Comparing, Contrasting, and Reconciling U.S. and European Approaches,” Strafford webinar, March 2017
- Speaker, “Recent Trends in Bankruptcy Law,” McLean, Virginia, October 2009
- Panelist, “Bankruptcy Law Developments Post-BAPCA,” Turnaround Management Association, Spring Conference, Dallas, Texas, March 2007
- Panelist, “Tranche B, Second Lien & SCIL Financing Summit, Las Vegas, Nevada, February, 2006
- Panelist, “Tranche B, Second Lien & SCIL Financing Summit, Las Vegas, Nevada, February, 2005
Seminars & Speaking Engagements
- Panelist – Small Business Administration Loan Opportunities
- Speaker, “Transatlantic Intercreditor Agreements: Comparing, Contrasting, and Reconciling U.S. and European Approaches,” Strafford webinar, March 2019
- Speaker, “Transatlantic Intercreditor Agreements: Comparing, Contrasting, and Reconciling U.S. and European Approaches,” Strafford webinar, March 2017
- Speaker, “Recent Trends in Bankruptcy Law,” McLean, Virginia, October 2009
- Panelist, “Bankruptcy Law Developments Post-BAPCA,” Turnaround Management Association, Spring Conference, Dallas, Texas, March 2007
- Panelist, “Tranche B, Second Lien & SCIL Financing Summit, Las Vegas, Nevada, February, 2006
- Panelist, “Tranche B, Second Lien & SCIL Financing Summit, Las Vegas, Nevada, February, 2005
News & Events
Shulman Rogers Supports Labyrinth, Inc. in its Recent Acquisition By Harbor Compliance
November 4, 2021
Shulman Rogers was pleased to support our client, Labyrinth, Inc. in its recent merger with Harbor Compliance.
The Supplemental Targeted Advance: $5000 Economic Relief from the SBA
April 29, 2021
As part of the American Rescue Plan Act signed into law on March 11, 2021, the U.S. Small Business Administration launched a new round of Economic Injury Disaster Loan (EIDL) assistance called the Supplemental Targeted Advance.
Doctor.com Acquired by Press Ganey
October 19, 2020
POTOMAC, MD. October 19, 2020 – Press Ganey recently announced the expansion of its health care consumerism platform with the acquisition of Doctor.com.
Congress Amends CARES Act to Add Flexibility to PPP Loans
June 10, 2020
The U.S. Congress recently passed the Paycheck Protection Flexibility Act (the “Amendment”), which was enacted on June 5, 2020. The Amendment modifies portions of the CARES Act related to forgiveness of Paycheck Protection Program loans (“PPP Loans”). NOTE: Shulman Rogers issued prior Alerts describing the PPP Loans generally and the general rules of forgiveness of PPP Loans.
SBA Releases PPP Loan Forgiveness Application and Instructions
May 26, 2020
May 26, 2020The SBA recently released its loan forgiveness application for the Paycheck Protection Program (“PPP”) under the The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). Along with the application, the SBA has included instructions that provide additional guidance and resolve several questions related to the calculation of forgiveness of PPP loans.
UPDATE: May 14th is the New Deadline for Recipients to Return PPP Funds and Avoid Investigation
May 8, 2020
UPDATE: The SBA provided the following updated guidance regarding the Safe Harbor deadline for borrowers. We expect revised interim final rules on this subject by early next week (given that Thursday is the deadline) and we will provide further updates as soon as possible.
Recording: Webinar – Small Business Administration Loan Opportunities
May 5, 2020
Shulman Rogers’ attorneys, Paul O’Reilly and Timothy Bryan, recently joined Kyle Wade and Amy Miller of Payroll Network to present a webinar, Small Business Administration Loan Opportunities.
Maximizing Loan Forgiveness of Paycheck Protection Program Loans
April 24, 2020
A central part of The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), enacted on March 27, 2020, has been the Paycheck Protection Program. Initially funded with $349 billion, an amendment to the CARES Act that would add another $310 billion in funding to this program was passed by the U.S. Senate on April 21, 2020, and the U.S. House of Representatives on April 23, 2020. Earlier today President Trump signed the amendment into law.
Congress Passes CARES Act – Includes Paycheck Protection Loan Provisions
March 28, 2020
The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was passed by the U.S Senate on March 25, 2020, and by the U.S. House of Representatives on March 27, 2020. President Trump has signed the bill into law and Steve Mnuchin, the U.S. Secretary of the Treasury, has indicated that the administration will move quickly to formulate rules implementing the legislation as early as April 3, 2020.
SBA Economic Injury Disaster Loans
March 26, 2020
In response to the impact of COVID-19, the Small Business Administration (SBA) announced the availability of Economic Injury Disaster Loans. While some business owners may be tempted to complete the SBA loan application on their own, a single misstep during this part of the process can cause serious problems down the road.