1 Global agrees to extend $27.5 million settlement payment deadline

By Caroline Salls

Pittsburgh, Nov. 14 – 1 Global Capital LLC requested court approval of an amendment to a settlement reached with three Travis Portfolio, LLC parties under which the deadline for the Travis parties to make a $27.5 million settlement payment was extended to Nov. 15, according to a motion filed Thursday with the U.S. Bankruptcy Court for the Southern District of Florida.

Originally, the settlement with Travis Portfolio, Oliphant Financial, LLC and Collins Asset Group, LLC required the settlement amount to be paid to 1 Global by Oct. 15. However, the company said it agreed to extend that deadline to Oct. 18.

1 Global said the Travis parties failed to make the payment by Oct. 18, and an event of default was declared. The Travis parties have since filed two other motions seeking further extensions of the settlement payment deadline.

In exchange for 1 Global agreeing to further extend the deadline to Nov. 15, the Travis parties must pay 10% interest, accruing from Oct. 15. The interest must be paid in full on Nov. 15.

If the Travis parties do not make the settlement payment by Nov.15, interest will accrue at a 13% default rate beginning on Nov. 16.

1 Global is a Hallandale Beach, Fla., business lender. The company filed for bankruptcy on July 27, 2018 under Chapter 11 case number 18-19121.

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