Axsesstoday has entered into voluntary administration after senior lenders revoked their support for the business.
Axsesstoday, a publicly listed SME lender, went into voluntary administration after senior lenders said they were unable to continue supporting the business with ongoing waivers of breaches of loan terms.
The lenders disclosure to the Australian Securities Exchange (ASX) states: Axsesstodays business has grown significantly over the past three years, placing pressure on the capital structure of the business. This, coupled with higher arrears than anticipated, has resulted in breaches of financial covenants with its lenders and a capital structure that is inadequate for the business and its continued growth.
The directors sought…
Read the full article at: https://www.mortgagebusiness.com.au/breaking-news/13322-sme-lender-goes-into-voluntary-administration