Post by kulerucket on Feb 4, 2022 20:05:13 GMT
Dear investor,
Atlantis Financiers informed us that they are finalizing its restructuring. We want to share this update received from Atlantis Financiers with you.
“On several occasions we informed, to the users of ViVentor, that we, and our clients, have faced difficult times as a result of COVID and that restructuring of our business is unavoidable in order to survive. The options we have investigated, and communicated, are:
1. Buyback of outstanding claims at a discounted market value;
2. Restructuring of the outstanding assignment contracts into a Long-term loan;
3. Sale of the Atlantis loans portfolio and passing on proceeds to investors.
We have decided for option 3, the sale of the Atlantis Financiers portfolio.
This means that we are obliged to buy back the claim rights before we can sell the portfolio. We can and will do this based on Article 8.6.5 of the Assignment Agreement (AA). Although the definite price still has to be determined, it has been indicated to us that this price will be only a small fraction of the principal outstanding loan amount of our portfolio.
Based on this indication and taking into account (legal) fees, we are now calculating the final "buy back price" as meant and defined under section 8 of the AA. This amount will be communicated and transferred to ViVentor before the sale.
We expect and understand that this result will be disappointing for the people that hold claim rights on invoices and loans that they financed together with Atlantis. The price of the portfolio is based on the situation in the Netherlands and the chances of the third party to recover the outstanding loans. Considering the financial situation of companies in the Netherlands, the chances are slim that most companies will be able to repay.”
We can imagine investors having lots of questions. Please be aware that following the withdrawal of the application for brokerage license, ViVentor is operational with less staff. It might take a bit longer for us to respond to your questions.
Thank you for your patience.
Kind regards,
ViVentor Team.
Atlantis Financiers informed us that they are finalizing its restructuring. We want to share this update received from Atlantis Financiers with you.
“On several occasions we informed, to the users of ViVentor, that we, and our clients, have faced difficult times as a result of COVID and that restructuring of our business is unavoidable in order to survive. The options we have investigated, and communicated, are:
1. Buyback of outstanding claims at a discounted market value;
2. Restructuring of the outstanding assignment contracts into a Long-term loan;
3. Sale of the Atlantis loans portfolio and passing on proceeds to investors.
We have decided for option 3, the sale of the Atlantis Financiers portfolio.
This means that we are obliged to buy back the claim rights before we can sell the portfolio. We can and will do this based on Article 8.6.5 of the Assignment Agreement (AA). Although the definite price still has to be determined, it has been indicated to us that this price will be only a small fraction of the principal outstanding loan amount of our portfolio.
Based on this indication and taking into account (legal) fees, we are now calculating the final "buy back price" as meant and defined under section 8 of the AA. This amount will be communicated and transferred to ViVentor before the sale.
We expect and understand that this result will be disappointing for the people that hold claim rights on invoices and loans that they financed together with Atlantis. The price of the portfolio is based on the situation in the Netherlands and the chances of the third party to recover the outstanding loans. Considering the financial situation of companies in the Netherlands, the chances are slim that most companies will be able to repay.”
We can imagine investors having lots of questions. Please be aware that following the withdrawal of the application for brokerage license, ViVentor is operational with less staff. It might take a bit longer for us to respond to your questions.
Thank you for your patience.
Kind regards,
ViVentor Team.