Wejo, the once near-$1bn-valued Manchester vehicle data company owed at least $59.1m when it entered administration last week, according to its latest 8K filing with the US SEC.
The company entered administration as its third notice of intent expired last Monday (July 10) and has appointed Manchester’s Leonard Curtis Recovery Limited as administrators, as indicated in its first notice of intent at the end of May and now confirmed in the latest 8K, dated July 18 and signed off by Wejo CFO John T Maxwell:
“The Notice of Intent filed on June 27 (“Third NOI”) expired at 11.59pm BST on July 10, 2023. Prior to the Third NOI expiring on July 10, 2023 the Company appointed Andrew Poxon and Hilary Pascoe of Leonard Curtis Recovery Limited as joint administrators of Wejo Limited and a Notice of Appointment of an Administrator (“NOA”) was filed in the High Court of Justice Business and Property Courts in Manchester (the “UK Court”) in accordance with the requirements of Paragraph 29 of Schedule B1 to the Insolvency Act 1986 and rule 3.24 of the Insolvency (England and Wales) Rules 2016.”
The breakdown of amounts outstanding detailed in the filing reveals debts of at least $58.87m for the formerly Nasdaq-listed company:
“As of the date of the NOA, the Company had the following amounts outstanding under each such note issuance: (i) approximately $42.6 million in principal and unpaid interest through April 2024 in the aggregate under the Secured Loan Notes; (ii) approximately $10.5 million in principal and interest through December 2023 in the aggregate under the Secured Convertible Notes; (iii) approximately $3.57 million in principal, interest and extension fees in the aggregate under the Second Lien Note, and (iv) $2.2 million in principal and redemption premium in the aggregate under the Unsecured Note.”
The $59m may not yet be the final figure owed by Wejo, and the administrators’ full report could yet take several weeks to complete. It is already known that several months’ staff pensions were unpaid as Wejo entered administration, for example, and several staff also reported wages recalled from their accounts following the initial notice of intent in May. While some staff have reported full or partial payment since, it is not yet clear what liabilities could remain here or how much, if any, may amount to further liability for the company.
The administrators will now compile a document assessing the full extent of Wejo’s assets and liabilities with a view to either selling off assets to repay or partly repay creditors, or sell the business as a going concern.
As one early investor in Wejo told Prolific North this week “[US auto giant and largest shareholder] GM essentially have the keys to the company now and the administrator will be acting in their best interests.”
Wejo and Leonard Curtis Recovery have been contacted for comment.