Covington Credit of Texas, Inc., an affiliate debtor in the CURO Group Holdings Corp. prepackaged Chapter 11, emerged from bankruptcy on July 19, 2024, after the court confirmed a debt-for-equity plan on May 16, 2024 that eliminated approximately $1 billion of the enterprise's $2.1 billion debt load. The case has since moved into post-emergence administration, and the reorganized company rebranded as Attain Finance in February 2025.

The March 25, 2024 filing Chapter 11 Voluntary PetitionDkt. 1 capped a rapid deterioration in CURO's consumer-installment lending business. After divesting its legacy U.S. payday operations (Speedy Cash, Rapid Cash, Avio Credit) and acquiring First Heritage Credit for $140 million in July 2022, the company reported a net loss of roughly $267 million in 2023 on top of a $185.5 million loss in 2022, while its NYSE-listed equity collapsed 97%, from $19.52 to $0.34 per share. Semiannual interest payments of $37.5 million and rising benchmark rates pushed liquidity to the point where S&P warned the company could run short within six months, and the CFPB's August 2023 loan-churning lawsuit against the Heights Finance unit compounded the pressure. Total prepetition debt stood at roughly $2.1 billion, with funded obligations owed to investment funds including Oaktree, Caspian, and Empyrean.

The capital stack was anchored by a $178 million first-lien term loan (Alter Domus, 18.0% fixed) maturing August 2027, $682 million of 1.5L secured notes (U.S. Bank Trust, 7.5% fixed) and $318 million of 2L secured notes (TMI Trust, 7.5% fixed), both maturing August 2028, as disclosed in the debtor's Motion for Summary JudgmentDkt. 92. Below that institutional lien debt sat a layer of non-recourse revolving warehouse facilities secured by pools of fixed-rate personal loans — the Heights SPV ($301 million), Canada SPV ($252 million), First Heritage SPV ($155 million), Heights SPV II ($136 million), and Canada SPV II ($80 million) facilities — which funded day-to-day lending and were scheduled to roll off across 2025 and 2026.

The prepackaged structure let CURO compress the case from petition to confirmation in roughly seven weeks, converting lender claims to equity and transferring control of the reorganized enterprise to the secured creditor groups. Post-emergence, the operating footprint was consolidated under the Heights Finance banner across more than 390 U.S. branches, with 154 Canadian branches continuing under LendDirect and Cash Money, before the group adopted the Attain Finance name. The Covington Credit of Texas debtor entity itself reported a narrow estimated asset and liability range of $1,000,001 to $10 million, consistent with its role as a single operating affiliate within the broader multi-debtor restructuring rather than the center of the capital structure.