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Secured lenders of NextPoint Financial, which owns the Library Tax chain, have agreed temporarily not to declare the company in default of loan agreements of two of its operations.
NextPoint, which has fallen behind on its filing obligations for a Canadian-based company, said report the forbearance agreement this month. The loans involved Liberty and also the CTAX software operations owned by NextPoint.
Under the temporary agreement, the borrower was required to make interest payments on July.1 and July 15 or be declared in default on its CTAX debt and July 3 on the Liberty debt.
The agreement is binding until the earlier of July 31 or any default under each of the credit facilities for the two operations.
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards. Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that. A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind