Latest news with #factoring
Reuters
a day ago
- Business
- Reuters
Telecom Italia in talks with banks to sell 1 bln euro state credit, say sources
MILAN, June 20 (Reuters) - Telecom Italia (TIM) ( opens new tab is in advanced talks with banks to sell a 1 billion euro ($1.2 billion) state credit the phone group expects to be able to cash in from the government after a prolonged legal dispute, two sources told Reuters. TIM and Rome have been locked in a legal battle over a license fee TIM was obligated to pay to the state in 1998, the year after the telecoms sector was deregulated. TIM scored a victory last year when a Rome appeals court ordered the Italian government to give TIM back the original licence fee, worth just over 500 million euros, a figure that has since doubled due to accrued interests. The government has appealed the decision in front of Italy's top court. Pending the top court's ruling, TIM is in talks with UniCredit ( opens new tab and Santander ( opens new tab to get financing against the expected 1 billion euro refund from the government, the people said. Such a form of financing, whereby a company raises cash from banks by selling them a claim, typically invoices, at a discount to the claim's nominal value, is called factoring. In a similar case to TIM's, the top court has ruled in favour of Vodafone (VOD.L), opens new tab. In any case, were the final court decision to be against TIM, the company would just return the banks the cash they have lent it plus any interest that has matured, the people said. That would be no different than repaying ordinary bank debt. TIM, UniCredit and Santander all declined to comment. Italy's top court last month delayed its final decision over the case, saying further checks were needed to establish whether TIM's initial claim was filed with the correct court. A hearing on the matter is expected next week. ($1 = 0.8632 euros)
Yahoo
3 days ago
- Business
- Yahoo
DAT and OTR, embroiled in dispute over factoring, reach settlement and end battle
The legal battle between factoring company OTR Solutions and DAT Freight & Analytics has come to a quick end, with DAT disclosing Wednesday that OTR had 'voluntarily' ended its suit. The closure to the lawsuit comes a week after OTR had won a victory in the Superior Court of Cobb County, when a court ordered DAT Solutions to suspend the operations of Outgo, a financial services and factoring company DAT acquired in May. A spokesman for DAT, which put out a brief announcement about the end to the lawsuit, declined to answer questions submitted by FreightWaves about any provisions in the settlement.'Following the resolution, OTR voluntarily dismissed its lawsuit against DAT,' the statement said. The lawsuit's end came even as it appeared OTR had the upper hand in the dispute, at least in court. In the June 10 Cobb County decision, the court said OTR was likely to succeed on the claims it made in the lawsuit. The court ordered DAT to suspend operations of Outgo and come into compliance with a 2021 non-compete agreement between OTR and DAT. Whatever provisions were in the recent agreement between DAT and OTR, it does not appear OTR will have any sort of special presence on the DAT load board as it did before the Outgo acquisition.'DAT thanks OTR for their years of partnership and their collaboration in reaching a constructive outcome,' DAT said in a prepared statement. With the end of the lawsuit, and the ruling by Cobb County Superior County Judge Adele P. Grubbs, DAT is now free to market the factoring services of Outgo on its platform. 'Outgo, a DAT product, is fully operational through the DAT One platform—delivering fast, transparent payment services that help carriers manage cash flow and keep their businesses moving,' DAT said in its statement. OTR also declined to answer further questions beyond its prepared statement. 'OTR and DAT were able to reach an amicable resolution,' the statement said. 'We look forward to focusing our attention on serving the needs of our clients.' Before the Outgo acquisition, the relationship between OTR and DAT involved OTR paying referral fees to DAT, while the latter's load board had a blue checkmark next to OTR's name to signal DAT had reviewed OTR's creditworthiness for its factoring activities. DAT and OTR had a non-disclosure agreement signed in February 2021. That relationship was strengthened in August of that year with a 'referral and revenue sharing agreement.' More articles by John Kingston Despite quarterly loss and battered stock, Triumph Financial stays aggressive TriumphPay's LoadPay a new tool in fierce battle to get drivers paid fasterIndependent terminal operator Outpost adds four new facilities, targets more growth The post DAT and OTR, embroiled in dispute over factoring, reach settlement and end battle appeared first on FreightWaves. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Finextra
6 days ago
- Business
- Finextra
SBI Factors to adopt MonetaGo's Secure Financing system
SBI Factors – the largest factoring company in India – is a wholly owned subsidiary of the State Bank of India (SBI) and operates as a Non-Banking Financial Company (NBFC) regulated by the Reserve Bank of India. 0 It offers domestic and export factoring services and represents a significant share of India's factoring and invoice discounting market. 'SBI Factors empowers MSMEs and other businesses through innovative financial solutions that make cash flow management more efficient—across domestic, export, and reverse factoring flows,' said Bharat Mishra, Managing Director & CEO, SBI Factors. 'It is critical to our customers' businesses that lending through our solutions is subject to real-time fraud checks. MonetaGo is the leader in this space, and we are delighted to join their user community.' 'The Indian invoice discounting landscape has undergone a remarkable transformation in under a decade, enabling exponential growth in the SME sector and vastly improving access to safer financing,' said Kalyan Basu, Managing Director - India, MonetaGo. 'We applaud SBI Factors for joining us in advancing secure lending and look forward to a successful partnership.' MonetaGo's Secure Financing system has operated in India since 2018, conducting real-time fraud checks on billions of dollars in transaction value. In May 2024, the system was upgraded from distributed ledger technology (DLT) to confidential cloud computing, enhancing scalability and privacy. It remains unique in being standards-based and capable of handling millions of documents across multiple formats. 'I am pleased to welcome SBI Factors to MonetaGo's Secure Financing platform,' said Neil Shonhard, CEO of MonetaGo. 'The proof-of-value confirmed the persistent threat of fraud in today's factoring and trade lending environment. We are committed to supporting forward-thinking institutions like SBI Factors as they take concrete steps to safeguard their operations and customers.'
National Post
11-06-2025
- Business
- National Post
Largo Announces $10 Million Factoring Facility to Accelerate Receivables and Support Working Capital
Article content All dollar amounts expressed are in thousands of U.S. dollars unless otherwise indicated. Article content TORONTO — Largo Inc. (' Largo ' or the ' Company ') (TSX: LGO) (NASDAQ: LGO) today announces that its wholly owned subsidiary, Largo Resources USA (' LUSA '), has entered into a non-recourse factoring facility dated June 10, 2025 (the ' Facility ') with a well-established third-party factoring company (the ' Factor ') for the sale of certain accounts receivable. Article content Under the terms of the Facility, LUSA may sell eligible accounts receivable to the Factor for receipts of up to $10 million. The Factor will advance 85% of the invoice value, with commission rates ranging from 0.51% for invoices up to 30 days, to 1.37% for those up to 90 days, depending on customer payment terms. All factored invoices are on a non-recourse basis, with the Factor assuming credit risk. The Company is working with the Factor to establish similar receivables purchase facilities for Largo Inc. and Largo Commodities Trading Ltd., which is expected to increase the overall size of the Facility, subject to the inclusion of additional customers and credit approvals. The Facility has an initial term of two years, and the Factor may terminate it with 90 days' prior written notice or immediately in the event of default. Article content Daniel Tellechea, Interim CEO of Largo stated: 'This Facility allows us to access liquidity more quickly by monetizing receivables tied to vanadium shipments, which can take between 30 and 90 days to convert to cash. Improving working capital efficiency is a necessary step as we work through our operational turnaround plan.' He continued: 'This Facility is expected to better align cash inflows with expenditures and ensures we have additional flexibility to support day-to-day operations while continuing our efforts to stabilize production and improve sales.' CIRQUE Capital, Inc. acted as the Company's financial advisor and arranger in connection with the Facility and will receive certain custodial fees pursuant to the terms of the Facility. Article content About Largo Article content Largo is a globally recognized supplier of high-quality vanadium and ilmenite products, sourced from its world-class Maracás Menchen Mine in Brazil. As one of the world's largest primary vanadium producers, Largo produces critical materials that empower global industries, including steel, aerospace, defense, chemical, and energy storage sectors. The Company is committed to operational excellence and sustainability, leveraging its vertical integration to ensure reliable supply and quality for its customers. Article content Largo is also strategically invested in the long-duration energy storage sector through its 50% ownership of Storion Energy, a joint venture with Stryten Energy focused on scalable domestic electrolyte production for utility-scale vanadium flow battery long-duration energy storage solutions in the U.S. Article content Largo's common shares trade on the Nasdaq Stock Market and on the Toronto Stock Exchange under the symbol 'LGO'. For more information on the Company, please visit Article content This press release contains 'forward-looking information' and 'forward-looking statements' within the meaning of applicable Canadian and United States securities legislation. Forward-looking information in this press release includes, but is not limited to, statements with respect to the timing and amount of estimated future production and sales; the future price of commodities; costs of future activities and operations, including, without limitation, the effect of inflation and exchange rates; the effect of tariffs; the effect of unforeseen equipment maintenance or repairs on production; the ability to produce high purity V2O5 and V2O3 according to customer specifications; the extent of capital and operating expenditures; the ability of the Company to make improvements on its current short-term mine plan; and the impact of global delays and related price increases on the Company's global supply chain and future sales of vanadium products. Article content The following are some of the assumptions upon which forward-looking information is based: that general business and economic conditions will not change in a material adverse manner; demand for, and stable or improving price of V2O5 and other vanadium products, ilmenite and titanium dioxide pigment; receipt of regulatory and governmental approvals, permits and renewals in a timely manner; that the Company will not experience any material accident, labour dispute or failure of plant or equipment or other material disruption in the Company's operations at the Maracás Menchen Mine or relating to Largo Clean Energy, specially in respect of the installation and commissioning of the EGPE project; the availability of financing for operations and development; the availability of funding for future capital expenditures; the ability to replace current funding on terms satisfactory to the Company; the ability to mitigate the impact of heavy rainfall; the reliability of production, including, without limitation, access to massive ore, the Company's ability to procure equipment, services and operating supplies in sufficient quantities and on a timely basis; that the estimates of the resources and reserves at the Maracás Menchen Mine are within reasonable bounds of accuracy (including with respect to size, grade and recovery and the operational and price assumptions on which such estimates are based); the accuracy of the Company's mine plan at the Maracás Menchen Mine; that the Company's current plans for ilmenite can be achieved; the Company's ability to protect and develop its technology; the Company's ability to maintain its IP; the competitiveness of the Company's product in an evolving market; the Company's ability to attract and retain skilled personnel and directors; the ability of management to execute strategic goals; Article content that the Company will enter into agreements for the sales of vanadium, ilmenite and TiO2 products on favourable terms and for the sale of substantially all of its annual production capacity; and receipt of regulatory and governmental approvals, permits and renewals in a timely manner. Article content Forward-looking statements can be identified by the use of forward-looking terminology such as 'plans', 'expects' or 'does not expect', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates' or 'does not anticipate', or 'believes', or variations of such words and phrases or statements that certain actions, events or results 'may', 'could', 'would', 'might' or 'will be taken', 'occur' or 'be achieved', although not all forward-looking statements include those words or phrases. In addition, any statements that refer to expectations, intentions, projections, guidance, potential or other characterizations of future events or circumstances contain forward-looking information. Forward-looking statements are not historical facts nor assurances of future performance but instead represent management's expectations, estimates and projections regarding future events or circumstances. Forward-looking statements are based on our opinions, estimates and assumptions that we considered appropriate and reasonable as of the date such information is stated, subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Largo to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Largo and in its public documents filed on and available on from time to time. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Although management of Largo has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Largo does not undertake to update any forward-looking statements, except in accordance with applicable securities laws. Readers should also review the risks and uncertainties sections of Largo's annual and interim MD&A which also apply. Article content Article content Article content Article content Investor Relations Article content Article content Article content Article content
Globe and Mail
11-06-2025
- Business
- Globe and Mail
Largo Announces $10 Million Factoring Facility to Accelerate Receivables and Support Working Capital
Largo Inc. (" Largo" or the " Company") ( TSX: LGO) ( NASDAQ: LGO) today announces that its wholly owned subsidiary, Largo Resources USA (" LUSA"), has entered into a non-recourse factoring facility dated June 10, 2025 (the " Facility") with a well-established third-party factoring company (the " Factor") for the sale of certain accounts receivable. Under the terms of the Facility, LUSA may sell eligible accounts receivable to the Factor for receipts of up to $10 million. The Factor will advance 85% of the invoice value, with commission rates ranging from 0.51% for invoices up to 30 days, to 1.37% for those up to 90 days, depending on customer payment terms. All factored invoices are on a non-recourse basis, with the Factor assuming credit risk. The Company is working with the Factor to establish similar receivables purchase facilities for Largo Inc. and Largo Commodities Trading Ltd., which is expected to increase the overall size of the Facility, subject to the inclusion of additional customers and credit approvals. The Facility has an initial term of two years, and the Factor may terminate it with 90 days' prior written notice or immediately in the event of default. Daniel Tellechea, Interim CEO of Largo stated: "This Facility allows us to access liquidity more quickly by monetizing receivables tied to vanadium shipments, which can take between 30 and 90 days to convert to cash. Improving working capital efficiency is a necessary step as we work through our operational turnaround plan.' He continued : 'This Facility is expected to better align cash inflows with expenditures and ensures we have additional flexibility to support day-to-day operations while continuing our efforts to stabilize production and improve sales.' CIRQUE Capital, Inc. acted as the Company's financial advisor and arranger in connection with the Facility and will receive certain custodial fees pursuant to the terms of the Facility. About Largo Largo is a globally recognized supplier of high-quality vanadium and ilmenite products, sourced from its world-class Maracás Menchen Mine in Brazil. As one of the world's largest primary vanadium producers, Largo produces critical materials that empower global industries, including steel, aerospace, defense, chemical, and energy storage sectors. The Company is committed to operational excellence and sustainability, leveraging its vertical integration to ensure reliable supply and quality for its customers. Largo is also strategically invested in the long-duration energy storage sector through its 50% ownership of Storion Energy, a joint venture with Stryten Energy focused on scalable domestic electrolyte production for utility-scale vanadium flow battery long-duration energy storage solutions in the U.S. Largo's common shares trade on the Nasdaq Stock Market and on the Toronto Stock Exchange under the symbol "LGO". For more information on the Company, please visit Cautionary Statement Regarding Forward-looking Information: This press release contains 'forward-looking information' and 'forward-looking statements' within the meaning of applicable Canadian and United States securities legislation. Forward-looking information in this press release includes, but is not limited to, statements with respect to the timing and amount of estimated future production and sales; the future price of commodities; costs of future activities and operations, including, without limitation, the effect of inflation and exchange rates; the effect of tariffs; the effect of unforeseen equipment maintenance or repairs on production; the ability to produce high purity V2O5 and V2O3 according to customer specifications; the extent of capital and operating expenditures; the ability of the Company to make improvements on its current short-term mine plan; and the impact of global delays and related price increases on the Company's global supply chain and future sales of vanadium products. The following are some of the assumptions upon which forward-looking information is based: that general business and economic conditions will not change in a material adverse manner; demand for, and stable or improving price of V2O5 and other vanadium products, ilmenite and titanium dioxide pigment; receipt of regulatory and governmental approvals, permits and renewals in a timely manner; that the Company will not experience any material accident, labour dispute or failure of plant or equipment or other material disruption in the Company's operations at the Maracás Menchen Mine or relating to Largo Clean Energy, specially in respect of the installation and commissioning of the EGPE project; the availability of financing for operations and development; the availability of funding for future capital expenditures; the ability to replace current funding on terms satisfactory to the Company; the ability to mitigate the impact of heavy rainfall; the reliability of production, including, without limitation, access to massive ore, the Company's ability to procure equipment, services and operating supplies in sufficient quantities and on a timely basis; that the estimates of the resources and reserves at the Maracás Menchen Mine are within reasonable bounds of accuracy (including with respect to size, grade and recovery and the operational and price assumptions on which such estimates are based); the accuracy of the Company's mine plan at the Maracás Menchen Mine; that the Company's current plans for ilmenite can be achieved; the Company's ability to protect and develop its technology; the Company's ability to maintain its IP; the competitiveness of the Company's product in an evolving market; the Company's ability to attract and retain skilled personnel and directors; the ability of management to execute strategic goals; that the Company will enter into agreements for the sales of vanadium, ilmenite and TiO2 products on favourable terms and for the sale of substantially all of its annual production capacity; and receipt of regulatory and governmental approvals, permits and renewals in a timely manner. Forward-looking statements can be identified by the use of forward-looking terminology such as 'plans', 'expects' or 'does not expect', 'is expected', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates' or 'does not anticipate', or 'believes', or variations of such words and phrases or statements that certain actions, events or results 'may', 'could', 'would', 'might' or 'will be taken', 'occur' or 'be achieved', although not all forward-looking statements include those words or phrases. In addition, any statements that refer to expectations, intentions, projections, guidance, potential or other characterizations of future events or circumstances contain forward-looking information. Forward-looking statements are not historical facts nor assurances of future performance but instead represent management's expectations, estimates and projections regarding future events or circumstances. Forward-looking statements are based on our opinions, estimates and assumptions that we considered appropriate and reasonable as of the date such information is stated, subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Largo to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Largo and in its public documents filed on and available on from time to time. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Although management of Largo has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Largo does not undertake to update any forward-looking statements, except in accordance with applicable securities laws. Readers should also review the risks and uncertainties sections of Largo's annual and interim MD&A which also apply. Trademarks are owned by Largo Inc.
