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Seneca Financial Group, Inc. has been retained by Creditrust Corporation (CRDT) to advise on financial restructuring alternatives. Located outside Baltimore and founded in 1991, Creditrust was organized to purchase delinquent consumer obligations and to assume responsibility for their collection. Since its inception, the Company has purchased over $4.7 billion in receivables. The Company owes $104 million under 6 separate asset purchase and secured financings with various financial institutions. In April, the Company was notified by the Trustee for two of its securitized financings that the Company was in default under its serving agreements, and that the servicing would be transferred to a new servicer. Shares of the Company have fallen in recent months while the company has weighed and pursued its capital structure options, as well as moved to reduce its expense base. Shares are currently trading at $1 1/2, down from the 52-week high of $34 1/8. Press Release Index |
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