MSP Recovery extends Virage debt to Sep 2024, restates Q2/Q3 2022, delays 10-K

MSP Recovery, Inc.

Extended $787.9M Virage payment to Sep 30, 2024; Virage gets first-priority lien on excess revenue above $70M reserve.
Nomura note increased to ~$26.2M, maturity extended to Sep 30, 2024, at 16% annual interest payable cash every 30 days.
Company will not file FY2022 10-K by Apr 17, 2023; will restate Q2 and Q3 2022 interim financials (non-cash adjustments, no change to prior audited years).
Board established special committee to review circumstances around 10-K filing and related issues.
Starting Jan 2024, monthly payments to Virage: 1% of balance in cash or warrants at $0.0001/share, expiring 2026 or 2 years from issuance.

item 1.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

MSP Recovery, Inc. amended Virage MTA Amendment with Virage Capital Management LP (effective 2023-04-12).

Action: amendment
Agreement: credit facility
Counterparty: Virage Capital Management LP
Effective: 2023-04-12

Exact text from the filing

On April 12, 2023, MSP Recovery, Inc. and/or its subsidiaries (the “Company”, “we” or “us”) entered into an amendment (the “Virage MTA Amendment”) to the Master Transaction Agreement, dated March 9, 2022, and that certain Guaranty Agreement made as of March 9, 2022, in each case with Virage Capital Management LP (“Virage”), pursuant to which the Company had outstanding payment obligations to Virage in the amount of $787.9 million as of December 31, 2022.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

MSP Recovery, Inc. amended a credit facility with Nomura valued at approximately $26.2 million (effective 2023-04-12).

Action: amendment
Agreement: credit facility
Counterparty: Nomura
Value: approximately $26.2 million
Effective: 2023-04-12

Exact text from the filing

On April 12, 2023, the Company amended the promissory note to Nomura originally issued on May 27, 2022, which amendment increased the principal amount to approximately $26.2 million and extended the maturity date of the promissory note to September 30, 2024.

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MSP Recovery, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-102832

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