In the last statement, the company prepared a payment proposal that will be channeled through two schemes.
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.
In the last statement, the company prepared a payment proposal that will be channeled through the following scheme:
• For commitments of up to $3MM in capital: payment in 12 installments starting in August and then 2 compensatory interest installments.
• For commitments that exceed $3MM of capital: it will be dollarized at the MEP exchange rate in July at 8% per year.
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.
Source: Ambito
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