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MSP Recovery, Inc. (NASDAQ:MSPR), a company specializing in computer processing and data preparation with a market capitalization of $9.64 million, announced on Monday that it has amended and restated a promissory note with Nomura Securities International, Inc., increasing the principal amount to approximately $32.7 million and extending the maturity date to November 30, 2026. According to InvestingPro data, the company operates with a significant debt burden, with total debt reaching $794.66 million.
Additionally, the company has entered into an amendment with Virage Capital Management LP concerning a Master Transaction (JO:NTUJ) Agreement (MTA) and a Security Agreement, extending the VRM Full Return maturity date to November 30, 2026. This extension is subject to acceleration if any Trigger Event occurs, unless waived by VRM. The company’s current ratio of 0.01 indicates significant challenges in meeting short-term obligations.
These financial restructuring efforts come as part of MSP Recovery’s ongoing financial management strategies. The details of the amendments were disclosed in a Form 8-K filed with the Securities and Exchange Commission on May 2, 2025. The filing included exhibits of the Nomura Amended and Restated Promissory Note and the Virage Letter Agreement, providing further details on the terms of the agreements.
MSP Recovery’s actions reflect its efforts to manage its debt obligations effectively and secure a more stable financial footing for the future. The information is based on a press release statement provided by the company.
In other recent news, MSP Recovery, Inc. has been notified by the Nasdaq Stock Market LLC that it does not comply with the minimum stockholders’ equity requirement for continued listing. The company’s equity is reported to be in a deficit of $128.4 million, well below the required minimum of $2.5 million. MSP Recovery has until June 9, 2025, to submit a compliance plan, and if accepted, could receive an extension to meet the requirements. Meanwhile, the company has announced a significant restructuring agreement aimed at reducing debt and securing new funding. This includes the creation of a subsidiary, New Servicer, which will manage recovery efforts and receive up to $25 million in working capital from Hazel’s affiliate. Additionally, MSP Recovery has restructured its financial obligations with Virage Recovery Master LP, which includes Virage acquiring a 33 1/3% stake in the company’s Class A Common Stock. The restructuring efforts also involve Virage waiving claims against MSP Recovery in exchange for a 43% equity interest in the company. These developments are part of MSP Recovery’s broader strategy to streamline its financial commitments and enhance its capital structure.
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