OnDeck in Make or Break Negotiations with Creditors

OnDeck is currently engaged in talks with creditors about a corporate debt facility which the company still owes about $92mn; the company reached an agreement earlier this week to make a $5mn payment in exchange for a delay in increased principal repayments until mid July; “OnDeck is working in a constructive manner with our lenders on a potential amendment to the corporate facility,” the company said in a written statement according to American Banker; if an agreement is not reached then OnDeck would be forced to make payments of $21mn a month until the facility is repaid in full; as of March 31 the company had $121.2mn in cash or cash equivalents according to a securities filing;“Internally, our top focus is liquidity and capital preservation,” OnDeck CEO Noah Breslow said during the company’s earnings call on April 30. American Banker.

Todd is the Chief Product Officer of LendIt Fintech.

He is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists.

He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences.

He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.

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