NextPoint Financial closes sale to lender BP Commercial Funding

By Sarah Lizee

Olympia, Wash., Jan. 3 – NextPoint Financial Inc. closed its going-concern sale to lender BP Commercial Funding Trust, Series SPL-X, according to a Tuesday press release.

The sale was completed in connection with the company’s proceedings under the Companies’ Creditors Arrangement Act and its Chapter 15 case.

As previously reported, BP Commercial agreed to purchase the assets for up to $281 million, primarily consisting of a credit bid of at least $100 million of secured debt, cash paid at closing and obligations assumed.

NextPoint said the primary business lines, Liberty Tax and Community Tax, emerge from the process with a new ownership group and strengthened balance sheet.

NextPoint said it expects that the company and its direct and indirect subsidiaries that were not acquired in the sale, including the LoanMe group of companies, will be wound down, following which NextPoint will no longer be a reporting issuer in Canada and its common shares will cease ‎trading on the OTC Pink Sheets.

NextPoint is a Hurst, Tex.-based marketplace for financial services aimed at underserved consumers and small businesses. The company filed Chapter 15 on July 26 under case number 23-10983.

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