Community Choice Financial Inc. on Dec. 12 completed its restructuring, which satisfied a deleveraging transaction required under the 2019 notes and 2020 notes it issued.
The deleveraging transaction was made by an out-of-court strict foreclosure transaction, and, as a result, all obligations under the 2019 and 2020 notes were extinguished. Noteholders will receive a pro rata share of $276.9 million of PIK notes and 850,000 class A common units issued by CCF Holdings LLC.
SPV noteholders received their pro rata share of 150,000 class B common units and Community Choice Financial's shareholders are entitled to receive up to 52,631.6 class C common units issued by CCF Holdings.
Noteholders previously extended the deadline for Community Choice Financial to complete a deleveraging transaction to Dec. 7 from Dec. 3.