Think Finance, a provider of credit and financial wellness tools receives an exit plan and settlement approval from Bankruptcy Court
On December 7, 2019, the business operations of Think Finance, and its subsidiaries emerged from Chapter 11 bankruptcy proceedings as reorganized entities following approval of their joint Chapter 11 plan by the United States Bankruptcy Court for the Northern District of Texas. As part of the ruling, the Think Finance entities resolved all governmental and private lawsuits and claims against them. The reorganized business will operate as new subsidiaries of TF Holdings, Inc.
Think Finance was established in 2001 and immediately became a software and financial services innovator by making one of the primary online loans. The company provided online lenders with loan origination, underwriting, and loan management products. In 2014, the company split into two independent companies as part of a larger growth strategy.
Martin Wong, CEO of TF Holdings said that “It’s been a long two years waiting to finalize our exit from bankruptcy proceedings. The restructuring was complicated and involved the settlement of multiple class action and regulatory claims that we vigorously fought. Throughout the ordeal, we have steadfastly maintained that we have conducted our business in compliance with the law. I am pleased that we were able to work our way through it and exit bankruptcy with core assets including our technology and personnel intact. We will emerge a materially stronger and more competitive company with this behind us.”
With this milestone, TF Holdings and its subsidiaries will be able to grow their offerings with cutting edge credit and financial wellness tools. Martin further added “TF Holdings will continue the legacy started by Think Finance 18+ years ago, and this will be reflected in our best-in-class product offerings and commitment to being a market leader. We look forward to furthering our mission to serve consumers and lenders with the best technology solutions.”
