Press Releases

Monroe Capital Funds $18 Million to TIMCO Aviation Services, Inc.

Chicago, IL, May 18, 2005

Theodore L. Koenig, President and Chief Executive Officer of Monroe Capital LLC, announced the completion and funding of an $18 million loan to TIMCO Aviation Services, Inc. (OTC BB: TMAS.OB), $8 million of which was used to replace existing debt and $10 million of which will be used for capital expenditures and for working capital to support the company’s expansion efforts.

TIMCO Aviation Services, Inc. is among the world’s largest providers of aviation maintenance, repair and overhaul (MR&O) services for major commercial airlines, regional air carriers, aircraft leasing companies, government and military units and air cargo carriers. The Company currently operates four MR&O businesses: Triad International Maintenance Corporation (known as TIMCO), which, with its four active locations (Greensboro, NC; Macon, GA; Lake City, FL and Goodyear, AZ), is one of the largest independent providers of heavy aircraft maintenance services in the world and also provides aircraft storage and line maintenance services; Brice Manufacturing and Aircraft Interior Design, which specialize in the manufacture and sale of new aircraft seats and aftermarket parts and in the refurbishment of aircraft interior components; TIMCO Engineered Systems, which provides engineering services both to our MR&O operations and our customers; and TIMCO Engine Center, which refurbishes JT8D engines and performs on-wing repairs for both JT8D and CFM-56 series engines.

Mr. Koenig said, “We are very pleased that we could provide TIMCO with a capital solution that will allow the company to continue to pursue its growth plans. We fully support management and their vision for the future of the Company.”

Roy Rimmer, Jr., Chairman and Chief Executive Officer of TIMCO, stated: “We are extremely pleased to be working with the team at Monroe Capital. The Monroe Capital loan provides us with significant additional working capital to continue the growth of our business.”

Monroe Capital is a specialty finance company devoted to providing innovative capital to middle-market businesses. Monroe Capital specializes in originating, structuring and providing customized financing to corporate, real estate, media and communication, and asset-based borrowers based in the U.S. and Canada in amounts of $3 million to $40 million, with an ability to agent and syndicate larger transactions. These investments include senior and junior secured debt as well as bridge loans to companies in need of immediate access to capital in order to take advantage of investment opportunities; flexible acquisition facilities for acquirers of opportunistic assets; mezzanine or last-out second loans that stretch a company’s debt capacity; acquisitions of distressed debt; and equity co-investments. Monroe Capital prides itself on its flexible investment approach and its ability to close and fund transactions quickly. To learn more about Monroe Capital, visit