By Dean Seal
CURO Group Holdings has filed for Chapter 11 bankruptcy as part of a restructuring agreement reached with its lenders and noteholders.
The consumer credit lender said Monday the agreement is supported by the holders of more than 74% of its loans and senior secured notes.
CURO expects the restructuring to reduce its debt by $1 billion and create $75 million of annual cash interest savings. It has also received a commitment of $70 million in debtor-in-possession financing from certain stakeholders.
The company's branches will continue to operate as usual and consumer loans won't be affected, CURO said.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
March 25, 2024 11:15 ET (15:15 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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