Subprime Auto Lender PrimaLend Files for Bankruptcy Following Debt Default
By
zerosizedweasle
A bagel-shaped object. The form is there, the soul isn't.
Summary
PrimaLend Capital Partners, a subprime auto lender, has filed for bankruptcy in the Northern District of Texas after missing interest payments on its debt and months of unsuccessful negotiations with creditors. The company, which provides financing to auto dealerships serving subprime borrowers, listed estimated assets and liabilities each below $500 million in court documents.
Key quotes
· 2 pulledPrimaLend Capital Partners filed for bankruptcy after months of negotiations with creditors following missed interest payments on its debt.
PrimaLend, which provides financing to auto dealerships that cater to subprime borrowers, listed estimated assets and liabilities below $500 million each, according to court documents it filed in the Northern District of Texas.
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