12:58 PM EDT, 03/25/2024 (MT Newswires) -- Curo Group Holdings ( CURO ) said Monday it filed for Chapter 11 bankruptcy and outlined a restructuring plan to cut $1 billion in debt.

The Chapter 11 petition, filed in Texas, is supported by 74% of debtholders, the company said. The plan will save $75 million in cash interest annually, Curo Group ( CURO ) said.

The company said it obtained $70 million in debtor-in-possession financing from prepetition stakeholders, pending court approval, to sustain operations throughout the court-supervised process.

The company said all branches are open and running as usual, and customer loans aren't affected.

A steering committee comprised of funds managed by Oaktree Capital Management, Caspian Capital and Empyrean Capital Partners led negotiations of the restructuring agreement, the company said.