secwatch.observer — SEC 8-K summary
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Issuer:     OLD MARKET CAPITAL Corp (OMCC)
CIK:        0001000045
Form:       8-K
Filed at:   2022-10-27T23:59:59+00:00
Accession:  0000950170-22-020230
Event type: debt
Sentiment:  negative
Materiality: 0.70
Item codes: 2.04
LLM model:  deepseek-v4-flash:cloud@v2

Nicholas Financial in default on loan; Wells Fargo imposes default rate interest
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- Default due to EBITDA ratio covenant failure for month ending August 31, 2022.
- Default rate of interest effective Aug 31, 2022; additional ~$130k interest for Q3 2022 and ~$118k/month thereafter.
- Lenders reserve right to accelerate all obligations under the loan agreement.
- Company is working with Wells Fargo to address default and negotiating refinancing with an alternative source.
- Default driven by increased provisions for credit losses as COVID-19 assistance subsided.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1000045/000095017022020230/0000950170-22-020230-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1000045/000095017022020230/nick-20221020.htm
  HTML page:      https://secwatch.observer/filing/0000950170-22-020230

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