The Non-Standard Finance group (NSF) has completed a financial restructuring, which involved the sanction of a scheme of arrangement to provide certainty as to the extent of its liability for historical redress liabilities and culminated in the transfer of its operating business to a newly-incorporated group owned by its secured lenders.
The scheme of arrangement, which was proposed by Everyday Lending Limited, was the latest in a line of schemes to be proposed by consumer credit companies in recent years. Unlike some of those other schemes, which were reliant upon the raising of funding through the public equity markets to preserve the operating business, NSFs scheme contained a toggle to a take private transaction (as was ultimately im…
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