Secured lenders of NextPoint Financial, which owns the Library Tax chain, have agreed temporarily not to declare the company in default of loan agreements of two of its operations.NextPoint, which has fallen behind on its filing obligations for a Canadian-based company, said report the forbearance agreement this month. The loans involved Liberty and also the CTAX software operations owned by NextPoint.
Under the temporary agreement, the borrower was required to make interest payments on July.1 and July 15 or be declared in default on its CTAX debt and July 3 on the Liberty debt.
The agreement is binding until the earlier of July 31 or any default under each of the credit facilities for the two operations.
