Pioneer Credit (ASX: PNC) has given another update to investors about the latest with its debt talks and suspension.
Pioneer Credit is a debt collecting business that also provides other financial services with over 160,000 customers across Australia and New Zealand. Pioneer Credit acquires and manages retail debt portfolios. With headquarters in Perth, the company also has offices in Sydney, Melbourne, Brisbane and Manila.
Pioneer Credit’s Latest News
The debt collector confirmed last night that the ‘Standstill Agreement’ it had agreed a couple of weeks ago has now been completed by Pioneer Credit and its senior financiers, which will end on 2 December 2019 unless extended further.
Under the agreement, Pioneer Credit confirms that no principal repayments or default interest required to be paid to the Senior Financiers during the standstill period, though default interest will now accrue.
Pioneer Credit expects to make an announcement later today about its “change of control and provision of funding process”.
It’ll be interesting to see what’s announced, but I’d rather put my money towards shares like the ones in the free report below.
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