Think Finance Reorganizes and Exits Bankruptcy Protection
IRVING, Texas, Dec. 12, 2019 /PRNewswire/ -- On December 7, 2019, the business operations of Think Finance, LLC 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 founded in 2001 and quickly became a software and financial services innovator by making one of the first 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.
"It's been a long two years waiting to finalize our exit from bankruptcy proceedings," said Martin Wong, CEO of TF Holdings. "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 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.
"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," Martin noted. "We look forward to furthering our mission to serve consumers and lenders with the best technology solutions."
About TF Holdings, Inc.
TF Holdings, Inc., through its subsidiary companies provides credit and financial wellness tools to consumers, and licenses loan origination, risk underwriting and loan management software to lenders. The company's businesses serve consumers and lenders with a portfolio of innovative products, including Jora Credit, Echo Credit, iQ Decision Engine and the Cortex loan management platform. TF Holdings, Inc. is based in Irving, Texas, and backed by prominent venture capital firms Sequoia and Technology Crossover Ventures.
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SOURCE TF Holdings, Inc.
