Debt purchase firm 1st Credit has posted a loss of £17.9m for 2010.

The figure is a marked improvement on the £72m loss the firm recorded for 2009 and follows a significant restructuring of the company’s finances.

Total net liabilities stood at £28.7m at the end of December 2010 - down from £79.6m the previous year.

1st Credit posted the results just months after releasing its accounts for 2009, and revealed that its repayment obligations to its bank creditors and private equity backers had altered following the financial restructuring.

Under the terms of the restructuring 1st Credit has extended its senior debt facility to 2015, which it expects to pay down with the anticipated collections from its current portfolio ahead of the expiry date.

Meanwhile the maturity date for the mezzanine debt owed to private equity firm Intermediate Capital Group (ICG) has been extended to 2030.

1st Credit said it expects to fully repay £45.4m of the mezzanine debt before the maturity date, however, the firm added that additional interest would accrue on....Read more HERE(creditotoday)