zerohedge.com / by Tyler Durden / May 12, 2017
According to its latest daily update, Canada’s biggest non-bank lender Home Capital Group showed the rate of withdrawals by depositors was slowing, one day after the company raised doubts about its ability to continue as a going concern, albeit for a simple reason: there are almost none left. In other words, over the past six weeks, depositors have withdrawn 94% of funds from Home Capital’s high-interest savings accounts since March 28, when the company terminated the employment of former Chief Executive Martin Reid.
Also on Friday, Home Capital said its liquid assets stood at C$962 million at the end of Thursday, which, combined with the total undrawn on the HOOPP credit facility (which as a reminder yields 22.5%) gives the distressed company access to C$1.56 billion in available liquidity and credit capacity.
Also overnight, Home Capital released the terms of the usurious credit facility with the Healthcare of Ontario Pension Plan, that was first announced April 26 in a May 11 filing.
Here are the details via BBG:
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