CURO Group Holdings Corp. Announces Confirmation of Plan of Reorganization
2024年5月18日 - 6:30AM
ビジネスワイヤ(英語)
CURO Group Holdings Corp. (OTC: CUROQ) (“CURO” or the “Company”)
today announced that its Joint Prepackaged Plan of Reorganization
(the “Plan”) was confirmed by the U.S. Bankruptcy Court for the
Southern District of Texas, Houston Division (the “Bankruptcy
Court”). The Plan received overwhelming support from existing
stakeholders constituting (1) 100% of the Company’s Prepetition 1L
Term Loan Claims and Prepetition 1.5L Notes Claims that voted on
the Plan, (2) more than 99.9% of the Company’s Prepetition 2L Notes
Claims that voted on the Plan, and (3) more than 95% of Existing
CURO Interests that voted on the Plan. The Company also obtained
recognition of the Plan from the Ontario Superior Court of Justice
(Commercial List) (the “Canadian Court”).
Following the Bankruptcy Court’s approval of the Plan and the
subsequent recognition of the Plan by the Canadian Court, the
Company is targeting an exit from chapter 11 in late June, subject
to receiving all necessary regulatory approvals and satisfying
certain other customary closing conditions.
The Plan will relieve the Debtors of approximately $1 billion in
debt and not less than $75 million of annual interest obligations
and will otherwise provide for improved liquidity. Importantly, the
Plan provides for payment in full of the allowed claims of general
unsecured creditors, which includes, among others, trade, customer,
employee, and landlord claims.
Doug Clark, CURO’s CEO, said: “Obtaining approval of our
Plan from the courts in the U.S. and Canada marks a pivotal moment
for CURO, a milestone we should celebrate as we move into the final
stages to emerge from chapter 11. This achievement would not have
been possible without the collaboration and support from our
lenders, employees, customers, partners, vendors, creditors, and
shareholders. The joint effort from this diverse and expansive CURO
community is one of our greatest strengths and will be integral for
our next phase as we reinforce our competitive industry
position.
The overwhelming support for our Plan highlights the substantial
value our investors recognize in our business and the solutions we
offer. With emergence expected around the end of June 2024, we join
our lenders and stakeholders in our steadfast commitment to provide
our customers with a variety of convenient, easily accessible
financial services.”
Copies of the Plan and the accompanying disclosure statement, as
well as other information regarding the Company’s chapter 11 cases
(the “Chapter 11 Cases”), are available at the following website:
https://dm.epiq11.com/Curo.
About CURO
CURO Group Holdings Corp. (OTC: CUROQ) is a leading consumer
credit lender serving U.S. and Canadian customers for over 25
years. Our roots in the consumer finance market run deep. We’ve
worked diligently to provide customers a variety of convenient,
easily accessible financial services. Our decades of diversified
data power a hard-to-replicate underwriting and scoring engine,
mitigating risk across the full spectrum of credit products. We
operate under a number of brands including Cash Money®,
LendDirect®, Heights Finance, Southern Finance, Covington Credit,
Quick Credit and First Heritage Credit.
Forward-Looking Statements
This press release contains forward-looking statements. In
addition, words such as “estimate,” “believe,” “forecast,” “step,”
“plan,” “predict,” “focused,” “project,” “is likely,” “guidance,”
“expect,” “anticipate,” “intend,” “should,” “will,” “confident,”
variations of such words and similar expressions are intended to
identify forward-looking statements. The Company’s ability to
achieve these forward-looking statements is based on certain
assumptions, judgments and other factors, both within and outside
of the Company’s control, that could cause actual results to differ
materially from those in the forward-looking statements, including
the risk that the Restructuring Support Agreement, dated March 22,
2024 (the “RSA”), may be terminated by certain of its parties if
specified milestones are not achieved, amended or waived, or if
certain other events occur, the ability to obtain relief from the
Bankruptcy Court to facilitate the smooth operation of the
Company’s businesses during the Chapter 11 Cases, and other risks
and uncertainties relating to the contemplated Chapter 11 Cases,
including but not limited to, the Company’s ability to obtain
approval of the Bankruptcy Court with respect to motions, the
effects of the Chapter 11 Cases on the Company and on the interests
of various constituencies, Bankruptcy Court rulings in the Chapter
11 Cases and the outcome of the Chapter 11 Cases in general, the
length of time the Company will operate under the Chapter 11 Cases,
risks associated with third-party motions in the Chapter 11 Cases,
regulatory approvals required to emerge from chapter 11, the
potential adverse effects of the Chapter 11 Cases on the Company’s
liquidity or results of operations and increased legal and other
professional costs in connection with the Chapter 11 Cases, as well
as other factors discussed in the Company’s filings with the U.S.
Securities and Exchange Commission. These projections, estimates
and assumptions may prove to be inaccurate in the future. These
forward-looking statements are not guarantees of future performance
and involve known and unknown risks and uncertainties that are
difficult to predict with regard to timing, extent, likelihood and
degree of occurrence. There may be additional risks that the
Company does not presently know or currently believes are
immaterial that could also cause actual results to differ from
those contained in the forward-looking statements. Given these
risks and uncertainties, investors should not place undue reliance
on forward-looking statements as a prediction of actual future
results. The Company undertakes no obligation to update, amend or
clarify any forward-looking statement for any reason.
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version on businesswire.com: https://www.businesswire.com/news/home/20240517019707/en/
Investors: Email: IR@curo.com Media: Jude Gorman / Dan Moore,
Collected Strategies Email: CURO-CS@collectedstrategies.com