The assessment of the proposed restructuring is currently ongoing, and Mintos, together with IDF Eurasia, continues to work with the management teams of Fintech Finance and Biznes Zaim to finalize the restructuring framework. We expect this assessment to be completed within the next few weeks.
The objective is to achieve a voluntary restructuring that enables a gradual repayment of the outstanding obligations while maximizing recoveries for investors. Under the proposal currently being assessed, the outstanding debt would be repaid over a period of 18-24 months, although the final repayment schedule remains subject to the completion of the restructuring process and agreement of the final terms.
The companies continue to cooperate throughout this process and have continued making repayments while the restructuring is being finalized. Following the previously communicated payment of EUR 250,000, an additional payment of EUR 100,000 has also been received. While these payments do not yet represent a full settlement of the outstanding obligations, they demonstrate the companies' ongoing commitment to the repayment process and constructive cooperation with Mintos and IDF Eurasia.
Frequently asked questions
1. What is the current status of Fintech Finance and Biznes Zaim on Mintos?
Fintech Finance and Biznes Zaim have been removed from the Mintos Primary Market. The Mintos Score has also been withdrawn (SW – Score Withdrawn) for both entities. Investors can no longer invest in new Notes from these lending companies on the Primary Market. Existing Notes remain available for trading on the Secondary Market, subject to eligibility.
2. Is Mintos taking action to recover investor funds?
Yes. Mintos is actively working with IDF Eurasia and the management of Fintech Finance and Biznes Zaim on a voluntary restructuring solution. The objective is to maximize recoveries for investors while achieving repayment more quickly than alternative recovery routes would allow. The assessment of the restructuring proposal is currently ongoing.
3. When can investors expect pending payments to be resolved?
Under the restructuring proposal currently being assessed, the outstanding debt would be repaid over a period of 24 months. The final repayment schedule will be confirmed once the restructuring assessment has been completed and the final terms have been agreed. We will provide investors with a further update once this process is finalized.
4. Are payments currently being made?
Yes. The companies continue to make payments while the restructuring process is ongoing. Following the previously communicated payment of EUR 250,000, an additional payment of EUR 100,000 has been received.
While these payments do not yet cover the full outstanding obligations, they demonstrate the companies' continued cooperation and commitment to the proposed restructuring and repayment process.
5. Is additional interest being calculated on overdue payments?
Yes, additional interest is accrued on overdue payments.
In the case of Fintech Finance and Biznes Zaim, interest continues to accrue during the delay period (up to 60 days overdue) in accordance with the terms of the Lending Company agreement.
If the payment remains overdue for more than 60 days, the lending company's buyback obligation is triggered, and the investment moves to the Pending Payments status. During this period, Mintos-calculated Pending Payment Interest is accrued until the lending company settles the payment.
As a result, investors receive additional interest both during the borrower's delay period and during the Pending Payments period.
6. What happens if Fintech Finance and Biznes Zaim fail to comply with the restructuring terms?
Should the companies fail to meet the agreed terms, Mintos will assess all available recovery options. These may include enforcing available security, initiating insolvency proceedings, renegotiating repayment terms, selling the portfolio, or pursuing other recovery strategies. Mintos will select the option expected to provide the best possible outcome for investors under the circumstances.
7. Could bankruptcy proceedings be initiated?
Yes. Insolvency or bankruptcy proceedings remain available options. However, Mintos is not currently pursuing them because the companies' management has been cooperative and a voluntary restructuring is currently expected to provide a better outcome for investors.
8. Can investors sell their investments on the Secondary Market?
Yes, but only investments that are not currently in Pending Payments status can be listed for sale on the Secondary Market.
What happens next?
The restructuring assessment is expected to be completed within the next few weeks. Once the review has concluded and the key terms have been agreed, Mintos will provide investors with another update, including further details on the repayment framework and implementation timeline.