Under an approved Restructuring Support agreement, the company’s assets will be offered for sale to see if a better offer can be obtained. The Senior Lender is BP Commercial Funding Trust, Series SPL-X and BP Commercial Funding Trust II, Series SPL-I

NextPoint is also seeking recognition agreement under the Canadian Companies' Creditors Arrangement Act under Chapter 15 of the U.S. Bankruptcy Code in U.S. Bankruptcy Court in Delaware.

The lender’s offer is comprised primarily by a credit bid of at least $100 million of secured debt, cash to be paid at close, and obligations to be assumed. NextPoint has secured approval for $25 million in debtor-in-possession financing from the Lender Group, which the company said will satisfy its ongoing obligations.The Lender Group includes the Senior Lender and Drake Enterprises LTD.

Scott Terrell, who served as Liberty Tax’s CIO from 2019 through 2022 and CO of NextPoint until he became interim CEO in May 2023, has been named CEO.

The Canadian court has appointed FTI Consulting Canada Inc. to serve as a monitor in the CCAA proceedings. Peter Kravitz of Province Fiduciary Service,, who was named as chief restructuring officer this month, will continue in that position