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Here is the latest update on the situation with Eurocent. Since June 8, 2017, the outstanding investment portfolio in Eurocent loans on the Mintos marketplace has decreased by 52%. The total amount outstanding is EUR 190 000, averaging EUR 118 per investor.
In November 2017, a letter of intent between Eurocent and a Polish investor operating as a closed-end investment fund of private assets was signed. This means the investment fund is willing to enter into an agreement with Eurocent and invest around EUR 30 million in loans issued by Eurocent over a three year period. This would allow the company to repay its debt, end restructuring proceedings and restore liquidity.
For this agreement to come into effect, Eurocent needs to begin the formal restructuring process. The restructuring is still pending on the decision to be made by the District Court of Krakow. Once the Court’s approval is received, the negotiations between the investment fund and Eurocent will commence.
On December 8, 2017, a compulsory administrator was appointed to Eurocent by the decision of the District Court of Krakow. The compulsory administrator replaced the temporary judicial supervisor which was appointed in September 2017. As a result, all decisions concerning commercial activities now require approval from the administrator to be valid.
You can read the previous update on Eurocent situation here.
The management of Mintos is in close contact with the current administrator of Eurocent about the company’s situation and possible future developments. We will inform you as soon as there are any new developments related to Eurocent.