Triboro, which was established in 2002, is owned and managed by Steve Atwater. Prior to Triboro being formed, Atwater was employed by The First National Bank of Boston. During his thirty-seven year career with Bank Boston he concentrated primarily on secured lending transactions in the Asset Based Lending Group. His career in asset based lending included loan origination, credit structuring, account management and loan recovery. During the credit crisis of the early nineties, he served as the Senior Credit Officer for the Bank's Large Corporate Division, the U.S. and Canadian Asset Based Lending Groups and the Precious Metals Division. Atwater's activities at Bank Boston also included a role in the formation of two specialty lending groups, Private Brands Financing and the Reorganization and Restructuring Division.
The Reorganization and Restructuring Division was a specialty lending group dedicated to providing DIP and Exit financing to Chapter 11 companies that had no prior relationship with Bank Boston. Atwater's interest in financing distressed situations resulted from his experience with two companies that sought protection under Chapter 11 of the Bankruptcy Code, Saxon Business Copiers and Charter International Oil Company. Saxon was a major fraud case while Charter, when it filed, was the second largest bankruptcy in the United States behind Johns Manville. Atwater served as Chairman of the Charter Unsecured Creditors Committee.
Prior to the formation of the Reorganization and Restructuring Division, Atwater was involved in a number of under performing situations spanning a wide variety of businesses including real estate developers, private campgrounds, textile mills, consumer electronic distributors, oil and gas exploration companies and distributors, C-Store gasoline chains, general merchandise and specialty retailers and manufacturers of musical instruments, mobile homes, apparel, recreational vehicles, boats, motorcycles and office equipment.
Atwater's exposure to bankruptcy financing, along with an understanding that a properly structured debtor-in-possession facility can mitigate many of the risks associated with this type of lending, eventually led to his involvement with the formation of the Reorganization and Restructuring Division. Atwater was the Managing Director for this Division from its inception until Fleet Financial acquired Bank Boston in late 1999. Some of the bankruptcy cases in which the Division acted as the DIP and/or Exit underwriter were Zales, Metallurg, NVR, Barney's, Lamont's, Walter Industries, Colt Manufacturing, Rose's Stores and Leslie Fay.
Atwater graduated from Dartmouth College with a Bachelor of Arts Degree in Economics and holds a Master of Business Administration Degree in Finance from the University of California, Berkeley.
