09:44 AM EDT, 07/08/2024 (MT Newswires) -- Chesswood Group ( CHWWF ) on Monday said its chief executive resigned while the company continues to hold discussions on the potential sale of key subsidiaries and evaluates a number of potential opportunities and strategies.

Ryan Marr resigned as CEO and president and left the board, the company said without giving any further explanation. Tobias Rajchel, previously the chief financial officer, took over as president and CEO. Aiwei Sun, who has been the company's controller, is now CFO.

An internal committee is completing evaluations and settling documents so as to receive lender approvals for its action plan to remedy the June 14 breach of the credit facility.

Since then, Chesswood ( CHWWF ) has been pursuing near-term funding to help it reduce the amounts outstanding under the facility. The initial waiver provided by the lending syndicate expires on July 15, and Chesswood ( CHWWF ) is seeking to obtain an extension.

As a result of Chesswood's ( CHWWF ) capital constraints, its subsidiaries Pawnee Leasing Corporation and Rifco National Auto Finance suspended originations other than those that had been previously committed.

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