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 :(1 -
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 that0
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