Accord Financial Reports Q1 Loss, Exits US Market, and Amends Banking Facility
Accord Financial Corp. announced its financial results for the first quarter ended March 31, 2026, reporting a net loss attributable to shareholders of $1.113 million. The company has strategically exited the U.S. market through asset sales, including its interest in BondIt Media Capital, which reduced its bank debt by $76.6 million and lowered funds employed to $154 million. Consequently, Accord is now exclusively focused on small business lending in Canada. To manage liquidity during this transition, the company amended its senior secured credit facility, extending the maturity to June 12, 2026, and reducing the total commitment to $65 million. Additionally, debenture maturities were extended to July 31, 2026. CEO Simon Hitzig stated that while revenue declined due to the reduced scale, cost-cutting measures are underway, though they currently lag behind revenue drops. The primary objective remains restructuring and refinancing the company's debt. The financial figures reflect continuing operations and were prepared in accordance with International Financial Reporting Standards.
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