Liberty Tax parent NextPoint Financial Inc. and 29 U.S. affiliates have launched Chapter 15 proceedings in Delaware, declaring $284 million in debt after seeking bankruptcy protection in Canada.
NextPoint and its subsidiaries received an initial order from the Supreme Court of British Columbia regarding the Companies’ Creditors Arrangement Act.
The company’s approximately 2,200 Liberty Tax franchised locations are not included in the proceedings. The company has secured a commitment for $25 million in financing that will provide sufficient liquidity to continue operations.
Luke Sharrett/Bloomberg
NextPoint has also entered into a restructuring agreement with lender groups, who have committed to purchase substantially all of NextPoint’s assets for up to $281 million.
NextPoint has named Scott Terrell CEO. He previously served as Liberty Tax’s chief information officer and as COO of NextPoint until his appointment as interim CEO in May.
“We are pleased to have achieved a comprehensive solution that will reduce our debt burden and put our enterprise on stronger financial footing for the future,” Terrell said in a statement.
NextPoint Acquisition Corp. acquired Liberty Tax from the latter’s parent company, Franchise Group Inc., in 2021. Franchise Group received some $182 million in cash and some $67 million in shares of NextPoint, a special purpose acquisition company based in British Columbia.
In 2019, Franchise Group settled with the Department of Justice and the IRS regarding an investigation into the company’s compliance program. At that time, Franchise Group agreed to not rehire or engage the company’s former chairman, John Hewitt, and agreed to pay the IRS $3 million.
Informasi Ekonomi Terkini
Berita Forex Terupdate
stratégie forex gagnante, forex factory, forex, trading forex, seputar forex, forex trading, forex adalah, harga emas hari ini seputar forex, apa itu forex, broker forex terbaik, harga emas forex, forex factory calendar, seputar forex harga emas, harga emas hari ini forex, trading forex adalah, robot forex, apa itu trading forex, kalender forex, robot trading forex, forex calendar, forex trading adalah, harga emas seputar forex, daftar broker forex yang terdaftar di bappebti 2021, forex factory hari ini, broker forex, factory forex, seputar forex harga emas hari ini, harga emas dunia hari ini forex, cara trading forex, hot forex, pt smi forex, forex time converter, berita forex hari ini, berita forex, belajar trading forex, trading forex menurut islam, cyber future forex, rekomendasi vps forex indonesia 2022, harga emas forex hari ini, daftar broker forex penipu, xm forex, just forex, forex halal atau haram, aplikasi trading forex, forex news, forex indonesia, forex factory.com, belajar forex, forex peace army, calendar forex, trading, trading adalah, trading view, robot trading, trading forex, binomo-website/trading, apa itu trading, trading binomo, adopt me trading values, trading economics, binomo trading, forex trading, trading saham, quotex trading, belajar trading, aplikasi trading terbaik, trading crypto, binomo web trading, fahrenheit trading, arti trading, hukum trading dalam islam, kursus trading, aplikasi trading, robot trading fahrenheit, robot trading dna pro, fakar trading, fahrenheit robot trading, trading forex adalah, adopt me trading value, trading halal atau haram, atg trading, binomo investment com trading, view trading, doni salmanan trading, trading artinya, aplikasi trading terpercaya, cara trading, binomo com trading, trading quotex, apa itu trading forex, mt4 trading, robot trading forex, cara trading saham, forex trading adalah, belajar trading pemula, trading bitcoin, belajar trading binomo, fbs trading, robot trading yang terdaftar di ojk, octafx copy trading