secwatch.observer — SEC 8-K summary
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Issuer:     OLD MARKET CAPITAL Corp (OMCC)
CIK:        0001000045
Form:       8-K
Filed at:   2022-11-03T23:59:59+00:00
Accession:  0000950170-22-021926
Event type: other_material
Sentiment:  negative
Materiality: 0.80
Item codes: 1.01, 8.01, 2.05, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Nicholas Financial to close 34 branches, cut 82% of workforce, outsource servicing to Westlake
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- Closes 34 of 36 branches; workforce reduction of ~173 employees (82%).
- Total expected charges $11.1M-$12.4M (cash $11M-$12.3M; $0.1M non-cash lease impairment).
- Outsources servicing, collections and recovery to Westlake Portfolio Management; expects significant annual cost savings.
- Company to continue auto finance purchase/origination under regionalized model; CEO says savings to pay down Wells Fargo line.
- Servicing agreement with Westlake includes boarding and monthly fees; early termination fee exceeds $1M.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1000045/000095017022021926/0000950170-22-021926-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1000045/000095017022021926/nick-20221103.htm
  HTML page:      https://secwatch.observer/filing/0000950170-22-021926

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