goeasy (GSY) was up small after announcing amendments to its financing agreements, including a 100 bps rise in interest rates…

… and $300M reduction to the securitized warehouse facility.

Importantly, the LendCare business (source of the blowup) is no longer considered good money by lenders - who have deemed it ineligible as collateral…

… which should dramatically slow origination activity. With covenants waved in Q4 and $240M of immediate liquidity, GSY looks to have escaped forced dilution for now - but bringing investors back will be no quick fix.

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