Hi all, we have an update on the Tugende pool. The restructuring has been completed with a total recovery of $460,000. This payment will now be made directly onchain to the senior pool. This amount is lower than the prior estimated amount due to complications with the prior expected restructuring, but this recovery amount is now complete and the restructuring has been fully executed.
Additional background:
- As described in the prior post above, a restructuring agreement was previously negotiated with Tugende in Q3 2023. However, after a prolonged process, the company failed to secure equity financing that was required as part of the original restructuring, which prevented it from happening as planned.
- A new restructuring agreement was negotiated in Q3 2024 and closed in November.
- Through this agreement, Tugende has made an exit payment of $460,000 that will go directly to the senior pool. This amount is the total of $250,000 in loan recovery and $210,000 in closing fees. This concludes all remaining obligations for Tugende.
- This is in addition to the $1M payment that was made by the community in late 2023 (GIP-52: Tugende Response Plan), and the roughly $1M of interest payments that Tugende made throughout the lifetime of the pool.
- The pool will now be reflected as Exited on the Goldfinch app.