planet 42
There is a rather big problem with Planet 42. Mintos unfortunately does not inform her clients about this. Only they advice not to buy Planet42 on the secondary market and delisted the rating. Last week the Estonian company filed a restructuring at the court in Talinn.
https://news.err.ee/1609427527/reorganization-might-not-deliver-planet42-investors
It would be a responsability for Mintos to inform their clients about current developments instead of leaving them in the dark. This is going to create unnecessary insecurity. Planet is a rather big player with more then 15 millions of outstanding loans.
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I'm still unpleasantly surprised that Mintos is not responding at all to the possibility of 15 million in loans that can default here. Mintos announced that the notes are secured and that the problems do not affect these notes, but this is not reality. Reality check: no interest on Planet notes is paid since August 1st. So again the question raises how is Mintos dealing with the loans of which they say they are secured?
A lot of people sell their notes against a 30% loss , but nobody has any information about these notes to make a considered decision.
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In the overdue page Mintos has updated the situation a bit about the status of Planet 42. No garantees but someway Mintos is moving. Encouraging this transparency. Hope it works out. Here is the message:
9 september
We're working closely with other secured creditors and Planet42 to ensure the company is able to collect money and continue operations. We expect to receive the overdue payment of €285k within two weeks. The debt restructuring is in progress and likely will affect the timing of future payments to Mintos investors. We'll share more details as soon as we can.
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Anyone knows what's going on with all the Planet 42 loans on Mintos today? They are all finished as of today so it's not possible to offer them on the secondary market anymore. Are we going to get all the money back?
Edit: OK, I can answer myself, the loans have been moved to the Overdue payments even though they are not visible in that section yet.
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Sure mintos still have a problem with commmunication and information
Furthermore Planet42 had one of the best ranking score overall :(2 -
Hi, I did not even see it coming.
I had small amounts in overdue items and yesterday I just noticed 300,- EUR there from planet 42. Out of the blue. This wiped my whole interest earnings for the past year.
I have a small portfolio for buying on secondary market, small amounts, only companies with rating > 7.5. I guess I'll just go ahead and disable it.I am curious how this will develop.
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Yes sure,
For me the biggest problem isn't that some company failed we all know the risk.
The problem is that ranking doesn't seems to reflect that2 -
On the 18th of August Harju County Court appointed Tarmo Peterson, as a restructing advisor in the reorganization proceedings of Inclusion OÜ (Planet 42). This report should be available on the 4th of October to all investors like Mintos and brought in front of the court ultimately 18th of October
This report should contain the recommendations regarding restructuring the company and whether it is viable. Mintos has not communicated with its clients about this. On October 1, all planet 42 notes disappeared within an hour from pending to overdue to longlasting overdue , possibly default. Mintos says on this date only that it is hopeful that Planet will meet its obligations because it also has a direct claim in South Africa secured by a security on the cars.
However, it is not clear what the court will decide based on this report and whether bankruptcy will follow. If so, it will be a difficult situation. The case will basically come up for hearing on Oct. 18. Tragic that Mintos is not transpatrent about a situation that is all over the nemwspapers in Estland and does not inform its clients better in what can happen. Meanwhile, hope that some money comes back.2 -
extension of the deadline for the reorganisation plan set by the court in Talinn for 18th of november:
With the court order of 19.09.2024 in civil case no. 2-24-12421, the court extends the deadline for submitting the reorganization plan to the court in the reorganization proceedings of the company INCLUSION OÜ (registry code: 14204858). The deadline for submitting the reorganization plan to the court is 11/18/2024.
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Ugo thank you for the updates.
I did not realise the case had such big exposure in Estonia, are other firms in Estonia beside Mintos exposed to Planet (South Africa?)?0 -
@Raz: A big investor in Estonia has brought about 600 small investors into Planet 42 with unsecured loans. Does not look too good for them. Mintos loans are secured but will be problematic as well in case bankruptcy is the outcome of the restructuringplan. Standard Bank South Africa also pumped 15 million in Planet 42 this year. I can imagine they are closer to the fire in case all vehicles and other activa has to be sold.
All info is open for reading with a bunch of articles about the process in ERR, a financial Estonian newspaper (in english). Just google ERR with Planet 42 or INCLUSION OU (mothercompany of planet 42). Unfortunately Mintos is very limited with information and usually tend to look at it not from a realistic point of view but the bright side.
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hello Ugo et al. also thanks from me too for helping to shed some light on what is going on here.
this also caught me by surprise and i am also concerned about the risk score credibility.
i am considering now how best to gauge risky situations, and i am thinking that this forum and the information from other investors is very valuble.
so thanks for taking the time to post. i will be sure to pay more attention to the forums from now on.1
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