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CHESSWOOD PROVIDES FURTHER UPDATE ON CREDIT FACILITY ACTION PLAN

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3 months ago

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Lenders Provide Significant Waiver Extension and Set Out Expectations for Next Phase of Action Plan

TORONTO, Aug. 6, 2024 /CNW/ – Chesswood Group Limited (“Chesswood” or the “Company”) (TSX: CHW) is providing a further update on its plan to remedy its previously announced non-compliance with the borrowing base covenants under its syndicated senior revolving credit facility (the “Credit Facility”).

The waiver provided by the lending syndicate under the Credit Facility, which was to expire on August 2, 2024, has been amended and significantly extended to September 16, 2024 (the “Amended Waiver”). As detailed below, the Amended Waiver is intended to provide the time for the Company to complete important elements of its Credit Facility action plan.

The Amended Waiver provides for a staged reduction in the permitted maximum outstanding amount under the Credit Facility in the event of certain sales of portfolio receivables and in the event of sales of the Company’s interest in (or the assets of) certain subsidiaries, in each case the proceeds of which are to be used for repayments under the Credit Facility. The Amended Waiver also provides for future borrowings to fund payments contemplated in the cash flow forecast agreed to by the Company and the lending syndicate.

The Amended Waiver requires the Company to complete sales during the extended waiver period of a portion of its portfolio receivables, its interests in Vault Credit and Vault Home and its interest in the operations and certain portfolio receivables of Pawnee Leasing.

The Company also announces that it has received notices of default from certain securitizers under the related securitization facility agreements. The Company notes that the securitizers are not purporting to exercise any termination rights and, more importantly, believes that if it can successfully pursue its restructuring initiatives as contemplated in the Amended Waiver it will be able to co-operatively resolve any concerns of its securitizers.

There can be no assurance that any required further extension to the Amended Waiver will be obtained, or that (although the Company has engaged in co-operative and promising discussions in respect of the required sale transactions) the sales of portfolio receivables or the sales of interests in (or assets of) the Company’s subsidiaries, as contemplated in the Amended Waiver, will be completed during the new waiver period (or ever). As such, no undue reliance should be placed on any expectations of completion of any such transactions or any other elements of the Company’s action plan.

ABOUT CHESSWOOD GROUP LIMITED

Chesswood Group Limited is a Toronto, Canada based holding company whose subsidiaries engage in the business of specialty finance (including equipment finance throughout North America and vehicle finance and legal sector finance in Canada), as well as the origination and management of private credit alternatives for North American investors. Our shares trade on the Toronto Stock Exchange (under the symbol CHW).

For information on Chesswood Group Limited and its operating subsidiaries:

www.ChesswoodGroup.com 

www.PawneeLeasing.com

www.TandemFinance.com

www.VaultPay.ca 

www.VaultCredit.com

www.Rifco.net 

www.WaypointInvestmentPartners.com

www.EasyLegal.ca

FORWARD-LOOKING INFORMATION

This press release contains forward-looking statements within the meaning of applicable securities laws. Forward-looking statements in this press release may include, but are not limited to, statements relating to the Committee’s strategic review process including the ongoing pursuit of selling one or more of the Company’s business units or the Company itself or any resulting winddown and evaluation of value enhancement opportunities, the Company’s pursuit of arrangements to remedy, or in furtherance of an extension to the temporary waiver of, the Company’s breach under the Credit Facility, if any, and other statements that are not material facts. Forward-looking statements are typically identified by words such as “believe”, “expect”, “anticipate”, “project”, “intend”, “plan”, “will”, “may”, “estimate” and other similar expressions or the negative of these words or variations of them or similar expressions.

Although the Company believes that the forward-looking statements in this press release are based on information and assumptions that are current, reasonable and complete, these statements are by their nature subject to a number of factors, risks and uncertainties, both general and specific in nature, that could cause actual results to differ materially form those expressed or implied by these forward-looking statements, including, without limitation, the possibility that a further extension to the waiver in relation to the Credit Facility covenant breach may not be obtained and the availability, timing or completion of any other capital raise or sale transaction for all or part of the Company’s business. The Company cautions that the foregoing assumptions and factors are not exhaustive and other factors could also adversely affect its results. For more information on the risks, uncertainties and assumptions that could cause the Company’s actual results to differ from current expectations, please refer to the Company’s publicly filed documents, including the Company’s annual information form and management’s discussion and analysis of financial condition and performance, which are available electronically at www.sedarplus.ca.

Unless otherwise noted or the context otherwise indicates, the forward-looking statements contained in this press release describe the Company’s expectations as at the date of this press release and, accordingly are subject to change after such date. Except as may be required by applicable securities laws, the Company does not undertake any obligation to update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on these forward-looking statements.

NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.

SOURCE Chesswood Group Limited

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Clarivate Healthcare Business Insights Unveils 2023 Revenue Cycle Award Winners

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22 minutes ago

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November 13, 2024

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Recognizing Roper St. Francis Healthcare, Bon Secours Mercy Health, and Bronson Methodist Hospital for excellence in Physician and Hospital Groups

LONDON, Nov. 13, 2024 /PRNewswire/ — Clarivate Plc (NYSE:CLVT) a leading global provider of transformative intelligence, announced the 2023 winners of the Clarivate Healthcare Business Insights™ annual Revenue Cycle Awards. Now in its 12th year, the Revenue Cycle Awards recognize U.S.-based healthcare organizations for exceptional performance on revenue cycle KPIs, based on data from their most recent and preceding full fiscal years. The 2023 recipients include Roper St. Francis Healthcare (Physician Group) – SC; Bon Secours Mercy Health (Physician Group) – OH; Bronson Methodist Hospital – MI; and Roper St. Francis Healthcare – SC.

The Clarivate Healthcare Business Insights Revenue Cycle Awards honor healthcare organizations demonstrating excellence in KPIs critical to fiscal health. This year’s winners achieved top decile performance across diverse metrics and implemented forward-looking initiatives to address key challenges in the healthcare landscape.

Brad Cording, Vice President, Product Management, Life Sciences and Healthcare, Clarivate, said: “We are honored to recognize the outstanding achievements of this year’s Revenue Cycle Award recipients, whose commitment to excellence sets a benchmark for the healthcare industry. By demonstrating innovation and resilience in the face of today’s complex challenges, these organizations underscore the importance of effective revenue cycle management in fostering financial health and enhancing patient care. We are proud to support and celebrate their successes within the healthcare community.”

In addition to financial outcomes, recipients were selected based on effective revenue cycle operations, including initial denial percentages across revenue cycle areas that reveal insights into root causes and workflow accuracy. Entrants also highlighted initiatives focused on revenue cycle data analytics, process optimization, and payer management.

While all winners share high-performing revenue cycles, they represent varied segments within the healthcare landscape, as defined by annual net revenue. The 2023 Healthcare Business Insights Revenue Cycle Awards winners are:

Roper St. Francis Healthcare (Physician Group) – 2023 Revenue Cycle Award Winner: $250 Million or Less Net Revenue
  
Roper St. Francis Healthcare is a not-for-profit health system with locations throughout South Carolina. Roper St. Francis Healthcare generated approximately $160 million annual net revenue in 2023 and is a first-time Revenue Cycle Award winner. Ensemble Health Partners manages revenue cycle operations for Roper St. Francis Healthcare.
  
Key achievements:Top decile performance on cash collections as a percentage of net revenue: 108.3%Top decile performance on overall appeal success rate: 98.7%Roper St. Francis Healthcare, through its partnership with Ensemble Health Partners, utilizes various revenue cycle analytics reporting packages and uses proprietary automation and AI software to improve revenue cycle processes and financial outcomes.
  Bon Secours Mercy Health (Physician Group) – 2023 Revenue Cycle Award Winner: $250 Million to $500 Million Net Revenue
  
Bon Secours Mercy Health is a not-for-profit healthcare system based in Cincinnati, Ohio. Bon Secours Mercy Health (Physician Group) generated approximately $333 million annual net revenue in 2023 and is a first-time Revenue Cycle Award winner. Ensemble Health Partners manages revenue cycle operations for Bon Secours Mercy Health (Physician Group).
  
Key achievements:Top decile year-over-year improvement on cash collections as a percentage of net revenue: 13.2% improvementTop decile performance on percentage of dollars initially denied by payers due to coding errors: 1.6%Bon Secours Mercy Health has implemented initiatives to hold payers accountable when performance is not meeting contractual obligations and to address inappropriate claim delays and denials.
  Bronson Methodist Hospital – 2023 Revenue Cycle Award Winner – $500 Million to $1 Billion Net Revenue
  
Bronson Methodist Hospital is regional medical center and children’s hospital in Michigan and is part of Bronson Healthcare. It generated approximately $915 million annual net revenue in 2023 and is a first-time Revenue Cycle Award winner.
  
Key achievements:Top decile year-over-year improvement on initial denials due to patient access errors: 26.8% improvementTop decile year-over-year improvement on initial denials due to coding errors: 6.7% improvementBronson Methodist Hospital has a revenue cycle business analytics department that uses data to help improve performance, implemented an internal staff development program, developed a metric to help identify the impact of payer denials on actual cash yield versus expected, and more.
  Roper St. Francis Healthcare (Hospital Group) – 2023 Revenue Cycle Award Winner: $1 Billion+ Net Revenue
  
Roper St. Francis Healthcare is a not-for-profit health system with locations throughout South Carolina. Roper St. Francis Healthcare generated approximately $160 million annual net revenue in 2023 and is a first-time Revenue Cycle Award winner. Ensemble Health Partners manages revenue cycle operations for Roper St. Francis Healthcare.
  
Key achievements:Top decile year-over-year improvement on net A/R days: 0.4 day improvementTop decile performance on initial denials due to patient access errors: 19.7%Roper St. Francis Healthcare, through its partnership with Ensemble Health Partners, utilizes various revenue cycle analytics reporting packages and uses proprietary automation and AI software to improve revenue cycle processes and financial outcomes. 

Clarivate Healthcare Business Insights proudly partners with over 1,900 hospitals and health systems across the United States, supporting healthcare leaders in optimizing performance, enhancing employee engagement and retention strategies, and navigating an evolving market—all with a focus on putting patients first. Through the Revenue Cycle Awards program, Clarivate Healthcare Business Insights not only highlights the achievements reflected in the metrics but also showcases the initiatives behind them with exclusive content, fostering connections between leaders from award-winning organizations and the broader healthcare community.

To learn more about Clarivate Healthcare Business Insights, visit www.clarivate.com/products/healthcare-business-insights/.

About Clarivate
Clarivate™ is a leading global provider of transformative intelligence. We offer enriched data, insights & analytics, workflow solutions and expert services in the areas of Academia & Government, Intellectual Property and Life Sciences & Healthcare. For more information, please visit www.clarivate.com.

Media Contact 
Catherine Daniel
Director, External Communications, Life Sciences & Healthcare
newsroom@clarivate.com

 

SOURCE Clarivate Plc

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Despite 100% of Businesses Preparing for EU CSRD Compliance, EcoOnline Research Finds 63% of Mid-Market Organisations Struggling with Readiness

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22 minutes ago

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November 13, 2024

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Businesses committed to going beyond compliance to integrate sustainability into operations, increase budgets and drive performance improvement.

LONDON, Nov. 13, 2024 /PRNewswire/ — EcoOnline, a leading SaaS provider of safety and sustainability solutions, today launches its 2024 EU CSRD Readiness Report 2024. The report explores how EU Corporate Sustainability Reporting Directive (CSRD) regulations are perceived by mid-market and enterprise businesses, the challenges faced in implementation, and the processes and technologies employed to achieve goals.

Mid-market companies at risk of being underprepared

Although 100% of survey respondents have begun preparing for EU CSRD compliance, enterprise organisations (those with over €1B in annual revenue) are further along in their readiness than their mid-market peers. While 60% of enterprise organisations are ‘almost ready’ and have the right tools and solutions in place, only 37% of mid-market businesses said the same, and risk being ‘left behind’ as a result.

Though mid-market businesses have slightly longer to prepare, these organisations need more support with scaling EU CSRD efforts. Top areas cited by mid-market respondents for further support were 1) data collection, 2) greenhouse gas (GHG) accounting, and 3) drafting EU CSRD report outputs, indicating a lack of confidence in tools and processes.

On the road to readiness

Over half of those surveyed are focusing on double materiality assessments as a vital compliance step to identify areas for resource investment. However, EcoOnline’s SVP ESG & Sustainability, David Picton comments: “As organisations navigate sustainability’s dynamic landscape, it’s encouraging to see them focusing on double materiality, but these assessments alone are just the first step in fulfilling complex compliance needs. To meet the EU CSRD deadlines, companies need to act quickly to optimise data collection and report drafting.”

Organisations are also tackling CSRD preparedness by:

Sustainability being led from the top: The majority (89%) of organisations have senior leadership roles focused on sustainability strategy, with finance, EHS, and operations also involved to meet EU CSRD requirements.Seeking external expertise: 63% of respondents are looking to consultancy support for data collection and reporting to achieve CSRD readiness.Leveraging technology such as SaaS: 94% plan to adopt third-party software for reporting, and 76% are implementing tools for data collection, highlighting that businesses see the value of harnessing both SaaS (software as a service) and external expertise as a key part in achieving compliance.Increasing sustainability spending: 95% plan to boost sustainability investments over the next two years, with focus areas including tools, consulting, staffing, training, and research. Mid-market companies are looking to close the gap on their readiness, with 32% planning to increase spending in the next 12 months, compared to 19% of enterprise respondents.

Thinking beyond compliance

The report found an overwhelming majority of respondents (66% of enterprise and 89% of mid-market) believe the directive will drive meaningful sustainability integration within their operations over the next 3–5 years. In fact, many companies in Europe are already implementing voluntary reporting frameworks beyond mandatory reporting, like the Science Based Targets Initiative (93%), Global Reporting Initiative (99%), or Carbon Disclosure Project (100%).

David Picton also notes, “It is no longer enough to be ‘compliant’ – now businesses must be proactive and broad-minded about investing in long-term, sustainable, ethical operations to drive meaningful impact. The EU CSRD is a good starting point for this behaviour change, but to achieve lasting benefits and competitive advantage, organisations must view sustainability as fundamental to driving revenue, profit, and business growth.”

Need help with your EU CSRD compliance and reporting? Download the 2024 EU CSRD Readiness Report for key insights, attend David Picton’s ‘Top 5 Insights’ webinar on December 4th or learn more about EcoOnline’s CSRD Assessment solution.

Methodology
The 2024 EU CSRD Readiness Survey engaged executives, VPs, and directors in ESG, sustainability, finance, operations, EHS, and strategy across companies in Denmark, Finland, France, Germany, Iceland, Ireland, Italy, Norway, Sweden, and the UK.

The respondents represent a sample of over 50,000 companies subject to the EU CSRD, covering firms across various revenue bands, from small and mid-market companies (€10M–€1B in annual revenues) to large enterprise organisations (over €1B in annual revenues). This sample provided a 95% confidence level with a 10% margin of error.

About EcoOnline
EcoOnline delivers innovative environment, health and safety (EHS), chemical management and ESG and sustainability technology solutions to forward-thinking leaders. Founded in 2000 and trusted by over 10,000 brands worldwide, EcoOnline’s connected suite of SaaS software enables businesses to protect their people and the planet by ensuring compliance, mitigating risk and streamlining operations. Backed by an unwavering commitment to customer success, EcoOnline’s software is powerful yet simple to use – built on decades of real-world expertise, data and insights.

Visit ecoonline.com to immediately and positively impact your workplace safety and sustainability. 

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On-us Wraps Up FinTech Festival Tour with Visa, Poised for Strategic Expansion and Future Innovations

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22 minutes ago

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November 13, 2024

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HONG KONG and SINGAPORE and TAIPEI, Nov. 13, 2024 /PRNewswire/ — On-us is excited to announce the incredible success of its appearances at three of Asia’s most prestigious FinTech events: Hong Kong FinTech Week, Taiwan FinTech Week, and the Singapore FinTech Festival 2024 with its diverse roles as both exhibitor and speaker, reinforcing its voices in the FinTech landscape.

On-us Smart E-voucher transforms non-cashback benefits for Visa and businesses in a robust manner, significantly enhancing the cardholder experience across payment, selection, and reward recommendations—powered by On-us’ platform and AI. It drastically reduces staff training time, shortens the merchant onboarding process, and enables real-time B2B payment settlement for merchants. The solution redefines digital incentives and sets new standards in reward-based marketing. Showcasing the groundbreaking solution to over 100,000 participants, On-us received enthusiastic interest from card schemes and credit card teams across the Banking, Financial Services, and Insurance (BFSI) sector.

With a strategic focus on two emerging market opportunities—card schemes and exhibitions—On-us is poised to unlock a “blue ocean” for growth, forging new pathways in the loyalty space and empowering brands to deepen customer connections through smarter, data-driven incentives. Looking forward, On-us is excited to expand its reach within the Meetings, Incentives, Conferences, and Exhibitions (MICE) industry. Through its seamless, data-driven FinTech solution, On-us helps exhibitors boost foot traffic, onboard merchants, and rapidly enhance attendee engagement, unlocking unique values and new revenue streams in a short time.

Dennis Shi, Founder and CEO of On-us, remarked, “This collaboration with Visa is a milestone for On-us as we scale our vision globally, bringing cross-border incentive solutions to businesses around the world. We’re grateful for our partners including Visa Accelerator Program, Hong Kong Science and Technology Park, Cyberport Hong Kong, and FinTech Space Taiwan for their invaluable support throughout the journey, and welcome businesses to explore how our versatile solutions can unlock unprecedented opportunities for client success.”

Building on this momentum, On-us is excited to launch new features and deepen its strategic collaboration with Visa, that aimed at further enhancing customer loyalty and engagement, setting new and transformative benchmarks for digital incentives worldwide.

About On-us

On-us is a global B2B2C personalized e-voucher incentive platform leveraging FinTech and behavioral AI, designed to enhance consumer loyalty engagement and unlock maximum value for marketers, merchants and customers. Through omni-channel APIs and data-driven campaigns, we empower businesses to strengthen customer engagement while maximizing ROI. Trusted by financial services providers, people management teams, blue-chip property developers, non-profit organizations, and SMEs, our platform delivers sustainable sales growth and seamless integration, driving success across industries.

For more information, please visit: https://www.on-us.com/about or follow our Linkedin for latest updates.

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SOURCE On-us Company Limited

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