Last-Resort Loans Come to Big Retail Buyouts, WhiteHawk Says

First-in-last-out, or FILO, loans were once reserved as last-resort liquidity injections. As the name implies, these funds are the last to be repaid.

But these loans have made their way into buyout financing packages for retail companies, according to Alex Zuckerman, a managing director at direct lending firm WhiteHawk Capital Partners.