Consumer Lender Curo Goes Bankrupt as Debt Pile Takes Toll
- Firm files for chapter 11 with plan to cut $1 billion of debt
- Restructuring deal has backing of Oaktree, Caspian Capital
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Consumer lending conglomerate Curo Group Holdings Corp. and affiliates filed for bankruptcy after failing to outrun a heavy debt load.
The company entered court protection with a plan, supported by the majority of its debtholders, to reduce about $1 billion in debt and save $75 million in annual interest payments, according to a statement. Restructuring talks on the part of creditors were led by funds including Oaktree Capital Management and Caspian Capital.