Sunday, November 08, 2020 4:14:43 PM
Why Chapter 11 Bankruptcy? We can operate this process according to three principles that you deserve:
Transparency. You will have full and continuous access to every disclosure about Cred, its history, and the recent events leading to our decision to file for Chapter 11 bankruptcy. Everyone will have the same information, and you can access all information here, by phone (1-877-739-9988), or by email (credinfo@donlinrecano.com). The self-serve portal will provide you with a frequently asked questions section, and give you a deeper understanding of the process. It will be updated with new information regularly and you can sign up to receive email alerts.
Fairness. In a bankruptcy proceeding, every customer will have the opportunity to participate in the process. There are no special deals that would favor one customer over another, and you will have an opportunity to review all documentation.
Efficiency. Chapter 11 has a well-established set of processes, and we expect to come to a resolution within a few months.
As we work through a comprehensive plan to recover assets, we will be evaluating several options, including sale of the company or company assets, restructuring, and liquidation of assets. To that end, we have added Grant Lyon to Cred’s Board of Directors to oversee the restructuring process. Grant has more than 30 years of experience in corporate restructuring, and I have great confidence in his fair and objective analysis of company operations, development of strategic plans, and liquidity alternatives that serve the best interests of Cred stakeholders. Cred has also engaged Paul Hastings LLP as its legal advisor during the Chapter 11 process , and MACCO Restructuring Group as financial advisor to evaluate M&A and other restructuring opportunities.
On a personal note, my thoughts and deepest apologies to our community, those who were willing to take a risk on us - our partners, investors, employees, and customers - for the anxiety, stress, and concern we have caused you. Many Cred employees, including myself have significant amounts of money that have been entrusted with Cred. We are committed to do whatever we can to arrive at the most favorable outcome we can for all of our customers.
Sincerely,
Dan Schatt
Co-Founder & CEO of Cred
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