CURO’s joint prepackaged plan of reorganization was confirmed by the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division. The plan received overwhelming support from existing stakeholders constituting:_x000D_
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- 100% of the company’s Prepetition 1L Term Loan Claims and Prepetition 1.5L Notes Claims that voted on the plan
- More than 99.9% of the company’s Prepetition 2L Notes Claims that voted on the plan
- More than 95% of Existing CURO Interests that voted on the plan
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The company also obtained recognition of the plan from the Ontario Superior Court of Justice (Commercial List)._x000D_
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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._x000D_
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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._x000D_
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“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,” Doug Clark, CEO CURO, said. “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.”
