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Thu 30 Apr 2020 05:29 PM

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Finablr Group may owe $1.3bn, investigators find

Houlihan Lokey, an American multinational independent investment bank and financial services company, was named as independent financial advisor in April

Finablr Group may owe $1.3bn, investigators find

Embattled payments and foreign exchange platform may owe at much as $1.3 billion, the company said on Thursday.

In a statement posted to the London Stock Exchange (LSE), Finablr said that its independent financial advisor, Houlihan Lokey and private investigators Kroll have been working to establish the current indebtedness position of the Finablr Group.

“The results of this exercise currently indicate that the total net indebtedness of the Finablr Group may be approximately $1,300 million (excluding any liabilities of the Travelex business),” the statement said. “This is materially above the last reported figure for the Group’s indebtedness position as at 30 June 2019 and the levels of indebtedness previously disclosed to the board.”

“The board cannot exclude the possibility that some of the proceeds of these borrowings may have been used for purposes outside of the Finablr Group,” it added.

On April 9, Finablr announced that Houlihan Lokey, an American multinational independent investment bank and financial services company, was appointed as advisor.

Options being explored include a debt restructuring, capital raise or sale of assets.

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