Forbearance

CURO Group Holdings Corp. Enters Forbearance Agreement Amendments and Waiver Amendment to Allow for Continued Constructive Discussions with Lenders and Stakeholders

Retrieved on: 
Friday, March 15, 2024
Banking, Fintech, Professional Services, Finance, Creditor, Exercise, Form, Forbearance, Waiver, Senior, Credit, OTC, Amendment

CURO Group Holdings Corp. (OTC: CURO) (“CURO” or the “Company”), an omni-channel consumer finance company serving consumers in the United States and Canada, today announced that it has received notice on behalf of certain holders of the Company’s 7.500% Senior 1.5 Lien Secured Notes due 2028 (the “1.5L Noteholders”) and certain holders of the Company’s 7.500% Senior Secured Notes due 2028 (the “2.0L Noteholders”) that the requisite 1.5L Noteholders and requisite 2.0L Noteholders, in each case, consent to an extension of the scheduled expiration date under the forbearance agreements entered into on March 1, 2024 (the “Amendments to the Forbearance Agreements”) and that lenders (together with the 1.5L Noteholders and the 2.0L Noteholders, the “Lenders”) holding at least a majority in amount of term loans under the Company’s 1.0 Lien Credit Agreement (the “Credit Agreement”) have delivered an amendment (the “Waiver Amendment”) to the March 1, 2024 waiver of certain events of default under the Credit Agreement to extend the scheduled waiver expiration date thereunder.

Key Points: 
  • CURO Group Holdings Corp. (OTC: CURO) (“CURO” or the “Company”), an omni-channel consumer finance company serving consumers in the United States and Canada, today announced that it has received notice on behalf of certain holders of the Company’s 7.500% Senior 1.5 Lien Secured Notes due 2028 (the “1.5L Noteholders”) and certain holders of the Company’s 7.500% Senior Secured Notes due 2028 (the “2.0L Noteholders”) that the requisite 1.5L Noteholders and requisite 2.0L Noteholders, in each case, consent to an extension of the scheduled expiration date under the forbearance agreements entered into on March 1, 2024 (the “Amendments to the Forbearance Agreements”) and that lenders (together with the 1.5L Noteholders and the 2.0L Noteholders, the “Lenders”) holding at least a majority in amount of term loans under the Company’s 1.0 Lien Credit Agreement (the “Credit Agreement”) have delivered an amendment (the “Waiver Amendment”) to the March 1, 2024 waiver of certain events of default under the Credit Agreement to extend the scheduled waiver expiration date thereunder.
  • Under the terms of the Amendments to the Forbearance Agreements and the Waiver Amendment, the Lenders have agreed not to exercise any remedies against the Company and its affiliates until March 25, 2024, subject to certain terms and conditions.
  • Additional details regarding the Amendments to the Forbearance Agreements and the Waiver Amendment are set forth in the Form 8-K filed by the Company with the SEC today, which includes the full text of Waiver Amendment.
  • The Form 8-K is available on the SEC’s Edgar website as well as the Company’s website.

The Children's Place Announces $78.6 Million of Interest-Free Unsecured New Financing to be Provided by Mithaq Capital and the Appointment of Four New Directors

Retrieved on: 
Thursday, February 29, 2024
Acquisition, Committee, Person, Form, Security (finance), Trust, Credit, Forbearance

SECAUCUS, N.J., Feb. 29, 2024 (GLOBE NEWSWIRE) -- The Children’s Place, Inc. (Nasdaq: PLCE), an omni-channel children’s specialty portfolio of brands with an industry-leading digital-first model, today announced a new financing agreement with its majority shareholder Mithaq Capital SPC (“Mithaq”) to provide $78.6 million of interest-free, unsecured and subordinated term loans to strengthen the Company’s liquidity position.

Key Points: 
  • In conjunction with these appointments, current directors Elizabeth Boland, Alicia Enciso, Katherine Kountze and Wesley McDonald have resigned from the Company’s ten-member Board.
  • Mr. AlRajhi has been appointed Chairman-Elect and is sharing the Chairman's duties with Norman Matthews during a transition period.
  • Pursuant to the financing agreement, Mithaq provided an initial tranche of $30 million to the Company on February 29, 2024, in the form of an interest-free, unsecured and subordinated term loan (the “Initial Mithaq Term Loan”).
  • Upon funding of the Second Mithaq Term Loan, at least four of the remaining non-Mithaq appointed directors will resign and directors appointed by Mithaq will comprise a majority of the Board of Directors.

Presto Automation Raises $6.0 Million and Wins Final Appeal in Case Against XAC

Retrieved on: 
Monday, February 12, 2024
Acquisition, XAC, SAN, Hearing, Federal Court of Malaysia, Checkers, AI, Note, Sale, SGD, Forbearance, Security (finance)

One of the existing investors is also exchanging 3.0 million shares of the Company’s common stock which was purchased on November 21, 2023 for $3.0 million of Notes.

Key Points: 
  • One of the existing investors is also exchanging 3.0 million shares of the Company’s common stock which was purchased on November 21, 2023 for $3.0 million of Notes.
  • “On the commercial side, our Presto AI Voice product serving the drive-thru restaurant market is enjoying significant momentum.
  • Presto also announced that its Chief Executive Officer, Xavier Casanova, has resigned effective immediately, and the Company wishes him well.
  • Mr. MacDonald was a founder of Ventoux Acquisition Holdings, the co-sponsor of Ventoux CCM Acquisition Corporation, the special purpose acquisition company that merged with Presto.

COPL Announces US$2.5 Million Equity Financing, Execution of Forbearance Agreement with Senior Lender and Appointment of Chief Restructuring Officer

Retrieved on: 
Friday, December 29, 2023
AB, Funding, Sale, Indian stock exchange, NGL, Financial Conduct Authority, COPL, XOP, Province, Treasury, Subscription business model, Forbearance, Minority, Parity, Exercise, Security (finance)

Other terms of the Financing include:

Key Points: 
  • Other terms of the Financing include:
    Completion of the Financing is expected by January 15, 2024 and is intended to be used for working capital purposes.
  • The conversion price of the Bonds will be amended to the Subscription Price per conversion share.
  • The Company will appoint one additional independent non-executive director to be nominated by the Purchaser by no later than 31 March 2024.
  • In concert with the Financing, COPL and its affiliates entered into a Forbearance Agreement with its existing Senior Credit Facility Lender and appointed Peter Kravitz of Province Fiduciary Services as Chief Restructuring Officer.

TILT Holdings Reports Second Quarter 2023 Results

Retrieved on: 
Monday, August 14, 2023
TILT, Interim, Inhalation, EBITDA, Elevate, Growth, NEO, Forbearance, Bank, Security (finance), Management

PHOENIX, Aug. 14, 2023 (GLOBE NEWSWIRE) -- TILT Holdings Inc. (“TILT" or the “Company”) (NEO: TILT ) (OTCQX: TLLTF ), a global provider of cannabis business solutions that include inhalation technologies, cultivation, manufacturing, processing, brand development and retail, is reporting its financial and operating results for the three and six months ended June 30, 2023.

Key Points: 
  • PHOENIX, Aug. 14, 2023 (GLOBE NEWSWIRE) -- TILT Holdings Inc. (“TILT" or the “Company”) (NEO: TILT ) (OTCQX: TLLTF ), a global provider of cannabis business solutions that include inhalation technologies, cultivation, manufacturing, processing, brand development and retail, is reporting its financial and operating results for the three and six months ended June 30, 2023.
  • These initiatives are expected to result in annualized cost savings of approximately $8 million beginning in the third quarter of 2023.
  • Excluding the write down, gross margin would have been 21.4% for the second quarter of 2023.
  • TILT management will host a conference call today at 5:00 p.m. Eastern time to discuss its financial and operational results.

TILT Holdings Closes on Funding of up to US$4.0 Million

Retrieved on: 
Tuesday, May 16, 2023
TILT, Interim, Note, NEO, Forbearance, Bank, Security (finance)

“In order to meet short-term obligations associated with a trade payable from a large supplier, we were fortunate to secure an instrument providing the Company with immediate access to US$4.0 million.

Key Points: 
  • “In order to meet short-term obligations associated with a trade payable from a large supplier, we were fortunate to secure an instrument providing the Company with immediate access to US$4.0 million.
  • While these circumstances created a near-term challenge, it reaffirmed our alignment with our debt holders and their faith in TILT and its current management team.
  • We are grateful for their continued support,” stated Interim Chief Executive Officer, Tim Conder.
  • Conder continued, “While the need for this funding was unforeseen when we closed our recent debt refinancing in February, it is a testament to our ability to navigate challenges adeptly and without hesitation.

ObsEva Announces Third Quarter 2022 Financial Results and Provides a Business Update

Retrieved on: 
Thursday, December 1, 2022
Risk, SIX Swiss Exchange, Research, Drug development, Security (finance), Cleveland Cultural Gardens, Retirement, Workforce, Coronavirus, Amendment, Forbearance, Clinical trial, Pregnancy, Safety, Pharmacokinetics, IND, Female, BioScience, Center for Drug Evaluation and Research, Sale, Fertilisation, Woman, JGB, Cryptocurrency, Birth control, Pharmaceutical industry, Kissei, Yu Garden

53 LR of the SIX Swiss Exchange

Key Points: 
  • 53 LR of the SIX Swiss Exchange
    GENEVA, Switzerland December 1, 2022 ObsEva SA (NASDAQ: OBSV; SIX: OBSN) (ObsEva or the Company), a biopharmaceutical company developing novel therapies for womens health, today reported financial results for the third quarter ended September 30, 2022 and provided a business update.
  • Financial Results for the Third Quarter Ended September 30, 2022
    ObsEva had cash and cash equivalents of $9.7 million at September 30, 2022 compared to $54.7 million at December 31, 2021.
  • The third quarter 2022 financial statements can be accessed in the financial reports section here of the Companys website, or directly here .
  • These statements involve risks and uncertainties that could cause actual results to differ materially from those reflected in such statements.

ION announces agreement for further forbearance extensions related to both the first and second lien debt

Retrieved on: 
Tuesday, April 5, 2022
Company, IO, Food Additives Amendment of 1958, Form 10-K, Sale, Form, Investment, Thirty-second Amendment of the Constitution Bill 2013, Risk, Forbearance, NYSE, SEC, Credit agreements in South Africa, Seventh Amendment, U.S. Securities and Exchange Commission, Geophysical Journal International, Software, ION, OPEC, Securities Exchange Act of 1934, Securities Act of 1933, Note, COVID-19, GLOBE, Food and Drug Administration Amendments Act of 2007, Credit, Security (finance)

ION also announced that it had entered into Amendment No.

Key Points: 
  • ION also announced that it had entered into Amendment No.
  • ION remains in continuing discussions with its lenders and the holders of its 2025 Notes and other indebtedness regarding various strategic alternatives to strengthen its financial position and maximize stakeholder value.
  • These forward-looking statements may include information and other statements that are not of historical fact.
  • TheCompany expressly disclaims any obligation to revise or update any forward-looking statements.

HEXO Announces High Trail Waives Event of Default Under Secured Note

Retrieved on: 
Monday, March 14, 2022
NASDAQ, Investment, Compliance, Forbearance, Company, Adjustment, SEDAR, HT, Event of default, News, Mission statement, Intention, GLOBE, EDGAR, TSX, Cannabis, Molson Coors Beverage Company, Power, Online gambling, Tilray

GATINEAU, Quebec, March 14, 2022 (GLOBE NEWSWIRE) -- HEXO Corp. (TSX: HEXO; NASDAQ: HEXO) ("HEXO" or the “Company") is pleased to announce today that HT Investments MA LLC (the “Noteholder”), the holder of the Company’s senior secured convertible note due May 2023 (the “Secured Note”), has irrevocably waived any rights in relation to the breach of the covenant of the ‎‎Company in the Secured Note to have ‎‎positive Adjusted EBITDA as defined and calculated in the Secured Note for the three-month period ending on ‎January 31, 2022 (the “Event of Default”).

Key Points: 
  • GATINEAU, Quebec, March 14, 2022 (GLOBE NEWSWIRE) -- HEXO Corp. (TSX: HEXO; NASDAQ: HEXO) ("HEXO" or the Company") is pleased to announce today that HT Investments MA LLC (the Noteholder), the holder of the Companys senior secured convertible note due May 2023 (the Secured Note), has irrevocably waived any rights in relation to the breach of the covenant of the Company in the Secured Note to have positive Adjusted EBITDA as defined and calculated in the Secured Note for the three-month period ending on January 31, 2022 (the Event of Default).
  • HEXO provided notice on March 11, 2022 to the Noteholder of the occurrence of an event of default under the Secured Note since it was not in compliance with the covenant of the Company in the Secured Note to have positive Adjusted EBITDA as defined and calculated in the Secured Note for the three-month period ending on January 31, 2022.
  • As a result of the Event of Default, the Noteholder would have had the right to declare the Secured Note or any portion of it to become due and payable immediately for cash in an amount equal to 115% of the outstanding principal amount of the Secured Note.
  • The current outstanding principal amount of the Secured Note, which was issued with an initial principal amount of US$360,000,000 but which has been reduced through redemptions by the Noteholder, is US$208,665,185.

ION announces certain holders of its second priority 2025 notes purchase ION’s indebtedness to PNC, agree to further forbearance extensions related to both the first lien and second lien debt

Retrieved on: 
Wednesday, March 9, 2022
Geophysical Journal International, Credit, Securities Act of 1933, Forbearance, Company, U.S. Securities and Exchange Commission, OPEC, Investment, IO, Form 10-K, National Association, Food and Drug Administration Amendments Act of 2007, Securities Exchange Act of 1934, Risk, NYSE, GLOBE, Sale, Security (finance), Form, Credit agreements in South Africa, Software, First Amendment to the United States Constitution, COVID-19, Security, ION, SEC, PNC Financial Services, Note

ION also announced that it had entered into Amendment No.

Key Points: 
  • ION also announced that it had entered into Amendment No.
  • 2 to the Forbearance Agreement with holders of more than 79% of its 2025 Notes to continue their forbearance through April 4, 2022.
  • ION remains in continuing discussions with the holders of its 2025 Notes and other indebtedness regarding various strategic alternatives to strengthen its financial position and maximize stakeholder value.
  • The Company expressly disclaims any obligation to revise or update any forward-looking statements.