PE Firm Denies Default On $16M SBA Loan Agreement

Law360, New York (January 27, 2014, 5:20 PM EST) -- Waterside Capital Corp. on Monday fought back against a $12 million U.S. Small Business Administration suit seeking to place the private equity firm in receivership, saying the SBA violated its agreement by refusing to extend the maturity date of a loan to Waterside.

Waterside, which is licensed by the SBA to be a small-business investment company, alleged the SBA reneged on a promise to give it more time to repay a $16 million loan, effectively forcing the company to shut its doors and go bankrupt instead...
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Case Information

Case Title

UNITED STATES OF AMERICA v. Waterside Capital Corporation


Case Number

2:13-cv-00653

Court

Virginia Eastern

Nature of Suit

Other Statutory Actions

Judge

Mark S. Davis

Date Filed

November 20, 2013

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