Make earnings with no risk
Automated AI-driven system makes the trades, you earn the money
Join now

NextPoint Financial Announces Restructuring Deal


by Dean Seal

NextPoint Financial, a prominent Canadian financial-services company, has finalized a restructuring deal aimed at selling assets and significantly reducing its debt. Under the agreement reached with a group of lenders, NextPoint’s assets will be purchased for up to $281 million. This includes a credit bid of at least $100 million in secured debt, cash to be paid at closing, and assumed obligations.

Despite the restructuring, NextPoint will continue its day-to-day operations without interruption. The company will remain dedicated to serving its valued customers through its Liberty Tax and Community Tax businesses. To ensure sufficient liquidity for ongoing obligations to franchisees and customers, NextPoint has secured a commitment for $25 million in debtor-in-possession financing from the lenders.

Scott Terrell, who assumed the role of interim chief executive in May, has been appointed permanently to the position. Terrell took over from Ted DeMarino, who served as interim CEO subsequent to the departure of Brent Turner in March.

An extensive internal investigation conducted over multiple months revealed in mid-May that Turner had allowed or directed the company to engage in business transactions with other entities in which he had personal financial interests, without disclosing such information to the NextPoint board.

Zscaler Inc. Cybersecurity Stock Shows Strong Rally

Previous article

Biden Administration Pushes for Mental Health Coverage

Next article

You may also like


Leave a reply

Your email address will not be published. Required fields are marked *

More in News