7/17 Update: OnDeck Still Negotiating Workouts With Creditors

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This morning, OnDeck disclosed that it was still actively engaged in securing workout arrangements with its creditors.

For its corporate debt facility, OnDeck’s lenders consented to an additional two week extension on the increased monthly principal repayments that OnDeck is required to pay as a result of the company’s covid-impacted portfolio triggering a rapid payout event. The circumstances mean that OnDeck has to make millions of dollars in loan payments but temporary workouts like these are enabling the company to slow them down.

OnDeck’s asset-backed revolving debt facility, meanwhile, has been spared the consequences of a borrowing base deficiency under a renewed agreement to suspend any designation of such to at least through August 18th.

Last modified: July 17, 2020
Sean Murray


Category: Industry News


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