Cohen is one of three taxi clients of Sterling National, and the other two were already in a debt restructuring process at the end of 2017 or were not making payments, filings for that period show. During the first quarter of this year, the bank moved its third client, with $12.8 million of debt, into a category it calls a “troubled debt restructuring,” according to a bank filing late last week. The timing matches the issuance of new liens issued by Sterling against Cohen’s assets.
This article was provided by Bloomberg News.