2025: planet 42
Although investors have recovered 11% so far from their investments (no interest), Mintos has been silent about the process. The court has accepted the reorganisation plan but from the text it is difficult to read what it means for us at mintos and the investment in the South African part. Should be good to hear from Mintos after this decision
Here is the text from the court:
On Wednesday december 18, 2024, Harju County Court approved the reorganization plan of car rental startup Planet 42, whose Estonian business name is Inclusion OÜ.
According to a statement from public relations firm Miltton, the reorganization plan should allow the company to escape bankruptcy and continue its economic activities. The plan is built on the hope of making the company sustainable by growing its Mexican business. The reorganization plan offered the company's creditors the opportunity to either reduce their claims or replace their claims with shares. 84 percent of the claims covered by the reorganization plan chose shares, which also made them shareholders of the company under the plan.
According to reorganization advisor and partner at law firm RASK, Tarmo Peterson, the court order confirms that the interests of creditors are protected. "The court's approval also shows that the outcome of the reorganization is better for creditors overall than bankruptcy," said Peterson. According to the reorganization plan, creditors who chose shares will become owners of Inclusion OÜ, which has business operations in Mexico. Creditors who have chosen to reduce their claims will receive 5.5 percent of the principal amount with an annual interest of 7.5 percent. According to Peterson, the timely and full payment of these claims is one of the obligations included in the restructuring plan.
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I've just received some more money from Planet42 today.
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Yes, I am happy there is another return even though it took over 6 weeks. Total return is now 15%. With this tempo it will indeed take 3 years, still hope for it to go a bit faster.
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In 4 months time Planet 42 returned 20% of the total debt. If this tempo continues the last payment will be in June 2026.
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In 6 months total return is 27,5 %. The amount in april (paid in May by mintos?) is less then the month before. Each month repayment decreases , so it might not be over earlier then 2027.
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I got some more money two or three days ago, so I believe the velocity is still more or less the same. I'm not sure, but it's more than 30% for me already. I just hope that we receive 100%, and I don't care much if it is a few months later than expected. I'm quite satisfied so far, so fingers crossed and hopefully it will continue
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Not too good news! Mintos has as usual presented things a bit too nicely . Repayments will be prolonged till 2028. And they are already hinting at not being able to recover all the debt.
Hope @Lad is still glad. If I were you put your money on a bank so you have at least some interest as return.
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Hmm, should be returned on proportional basis. I am currently not even at 15%.
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Edwin
You have most likely received the same percentage as we have, cca 31%; it's just displayed badly in the app, as the amount received has not been updated for some time.
Ugo
Of course, I'm not happy reading that new update. I need to say I should have diversified more, as I put quite a lot of money into Planet 42, but so far, I'm still in the black numbers here at Mintos, even if we get nothing more from this one. But I'm also very disappointed with what has happened. The rating was 7.8 before, which was out of reality.0 -
@Lad, looks like its corrected now (maybe because of this post). Not only amount received was incorrect. Also original amount I had in planrt24 was incorrect. Had some screenshots from the past and that number also dropped, which should not be possible off course.
Ive got 4 major once getbucks, capital service, planet24 fenchutch. And 3 are still paying back, so happy about that also. Was lucky with the Russian and wowwo, managed to sell those off (with discount) just before those were problems.
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@Lad, looks like its corrected now (maybe because of this post). Not only amount received was incorrect. Also original amount I had in planet24 was incorrect. Had some screenshots from the past and that number also dropped, which should not be possible off course.
Ive got 4 major once getbucks, capital service, planet24, fenchurch. And 3 are still paying back, so happy about that also. Was lucky with the Russian and wowwo, managed to sell those off (with discount) just before those were problems.
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Edwin
You are right, they fixed that recently. It looks like Big Bro is watching us here, as it was like that for months :-) I still have something with the Russians and Wowwo, but fortunately not much.
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