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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