wenancethe online lending company, which previously informed its investors about a debt restructuring of $15 billion, reaffirmed its commitment to “meet all invested capital obligations“, despite having defaulted on interest payments last month.
Through a statement signed by the director of the company, Alexander Muszakindicates that wenance prepared a payment proposal that takes into account the investment made and the viability of the business. As reported, that proposal implies the reprofiling of maturities to a term of one yearupdated to the value of MEP dollar plus eight percent interest. In addition, another recovery offer is being studied in 12 installmentsbut with different conditions.
“Wenance has made the following number available telephone number +549 (11) 7165-4000 so that clients can communicate with us from Monday to Friday, from 10 a.m. to 9 p.m., leaving their first and last name. Our advisor will contact you in the next few days.“, says a statement issued by the fintech.
Muszak explained that the June coupon default was the consequence of a significant increase in delinquency in the payment of creditswhich went from 15% to 24% in the last year.
Wenance has three private and one public structured trusts, in which the flow of payments of loans that are granted online is supported. According to market analysts, the rates paid to investors who finance the loans are higher than those of other financial institutions.
In this context and due to the increase in delinquency of the borrowers, a mismatch occurred that prevented payment of interest. Likewise, Muszak has affirmed that he is in negotiations with an investment fund to get capitalization for fintech.
“There is no scam”
Muszak categorically rejected the fraud accusations. “This is a legitimate business that has been in business for 20 years, I think there was a miscommunication and that we could not explain in time to all investors what is happening,” he added.
In recent days, especially on social media, some of the investors, associated Wenance’s story with a Ponzi scheme or pyramid scheme.
The managers of the company strongly deny these accusations and reiterate that they have legal procedures to make claimsdespite the fact that they have the will to cancel all debts.
“There are three types of investors. Institutional investors, who are the largest; individual investors, who come in and out of the company and are used to trading; and finally those with average investments between $1.5 million and $2 millionwhich are the most numerous and the most concerned,” Muszak described.
Source: Ambito
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