Brand new accounting errors sooner or later led to numerous non-payments and events regarding standard within the Businesses funded debt obligations
Brand new accounting errors sooner or later led to numerous non-payments and events regarding standard within the Businesses funded debt obligations
Latin-american (North american country and you can Colombian operations) pay check lender files having bankruptcy with $768.4mn out of provided and you can/otherwise protected financed obligations
Debtors focus on providing fund (% per year attract) which have installment thru payroll deduction (“PDLs”) in order to low income individuals
Submitting pursue accounting problems on North american country associates and you can subsequent (i) economic statements, (ii) Elderly Notes occurrences from standard, (iii) missed June Elderly Notes notice percentage and you can (iv) cessation from loan origination products (zero reference to COVID impact on consumers and you will/otherwise borrower default cost)
Debtors line-up $forty-five.0mn away from Drop capital mode people out-of Older Cards to pay for business out of Colombian Property (objectives for stressed North american country Property maybe not given)
Debtors be prepared to mention stalking horse(s) for Colombian Property inside days
From inside the 2015,...