FlexShopper Operating Chief, Board Members Step Down After Credit Defaults

Dow Jones

Oct 02

By Katherine Hamilton

FlexShopper's chief operating officer and several members of its leadership team have resigned after the company defaulted on a credit agreement last month.

COO/President John Davis notified the board that he would resign, as did director Thomas Katz and board member Patrick McCrory.

Board director Steven Varner also resigned and said he was leaving because he disagreed with how the company was handling issues related to its finances. He added that FlexShopper didn't share information with him in a timely manner, making it impossible for him to fulfill his duties.

FlexShopper said Wednesday it disagreed with Varner's statement.

In August, FlexShopper entered into a limited forbearance agreement on a credit agreement that its subsidiary, FlexShopper 2, entered into in March 2024 with an affiliate of Waterfall Asset Management.

Waterfall's affiliate last month gave FlexShopper a notice of default, acceleration of obligations and termination of servicer. The affiliate said the unpaid principal amount and accrued interest on the loans were due immediately.

FlexShopper's subsidiary owes a principal amount of $164.5 million with interest payments of $881,696, the company said in a filing. It also owes unpaid commitment fees of $1.2 million and $1.5 million in other fees.

Write to Katherine Hamilton at katherine.hamilton@wsj.com

(END) Dow Jones Newswires

October 01, 2025 18:08 ET (22:08 GMT)

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It also owes unpaid commitment fees of $1.2 million and $1.5 million in other fees. \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  Write to Katherine Hamilton at katherine.hamilton@wsj.com \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  October 01, 2025 18:08 ET (22:08 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4164","symbol_name":"特殊金融服务","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2572442563","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2572442563","pubTimestamp":1759356480,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"FlexShopper's chief operating officer and several members of its leadership team have resigned after the company defaulted on a credit agreement last month.COO/President John Davis notified the board that he would resign, as did director Thomas Katz and board member Patrick McCrory.Board director Steven Varner also resigned and said he was leaving because he disagreed with how the company was handling issues related to its finances. He added that FlexShopper didn't share information with him in a timely manner, making it impossible for him to fulfill his duties.FlexShopper said Wednesday it disagreed with Varner's statement.In August, FlexShopper entered into a limited forbearance agreement on a credit agreement that its subsidiary, FlexShopper 2, entered into in March 2024 with an affiliate of Waterfall Asset Management.Waterfall's affiliate last month gave FlexShopper a notice of default, acceleration of obligations and termination of servicer. 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He added that FlexShopper didn't share information with him in a timely manner, making it impossible for him to fulfill his duties. \n\n\n  FlexShopper said Wednesday it disagreed with Varner's statement. \n\n\n  In August, FlexShopper entered into a limited forbearance agreement on a credit agreement that its subsidiary, FlexShopper 2, entered into in March 2024 with an affiliate of Waterfall Asset Management. \n\n\n  Waterfall's affiliate last month gave FlexShopper a notice of default, acceleration of obligations and termination of servicer. The affiliate said the unpaid principal amount and accrued interest on the loans were due immediately. \n\n\n  FlexShopper's subsidiary owes a principal amount of $164.5 million with interest payments of $881,696, the company said in a filing. It also owes unpaid commitment fees of $1.2 million and $1.5 million in other fees. \n\n\n \n\n\n  Write to Katherine Hamilton at katherine.hamilton@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  October 01, 2025 18:08 ET (22:08 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-2","news_tag":"executive","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}