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BREAKING NEWS: Neverblue Bankruptcy Information
Velo Holdings Inc, the parent company of Neverblue, Lava Life and Vertrue has filed for Bankruptcy this morning, as reported by Reuters.
According to reports this is specifically because of enormous losses sustained from re-billing and continuity practices.
Velo blamed, in part, tighter regulatory control of one of its online marketing practices for its strained finances. The method redirects customers who have completed a purchase on its discount retail website to another website, a Velo subsidiary that sells fraud and identity theft protection services, and asks the customer to enroll.
Velo defaulted on both its credit facilities in December to avoid a liquidity crisis, it said, prompting Moody’s Investors Services to downgrade the company’s debt ratings. As a result, Chase Paymentech LLC, Velo’s credit-card processor, notified Velo it would terminate their agreement on April 20.
According to its bankruptcy filing it has over $1 Billion in Debts, now it may come to the end of CPA networks ,many companies are being shutdown.
又一家行业巨头被10亿刀的未偿债务压垮了! Who is the next? |
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