OnDeck is currently engaged in talks with creditors about a corporate debt facility which the company still owes about $92mn; the company reached an agreement earlier this week to make a $5mn payment in exchange for a delay in increased principal repayments until mid July; “OnDeck is working in a constructive manner with our lenders on a potential amendment to the corporate facility,” the company said in a written statement according to American Banker; if an agreement is not reached then OnDeck would be forced to make payments of $21mn a month until the facility is repaid in full; as of March 31 the company had $121.2mn in cash or cash equivalents according to a securities filing;“Internally, our top focus is liquidity and capital preservation,” OnDeck CEO Noah Breslow said during the company’s earnings call on April 30. American Banker.
