Fair ends subscription, leasing program in pivot to marketplace model

Fair’s board has not yet approved a plan, and bankruptcy is not guaranteed, though a decision on the debt could come within months, Stewart told Automotive News. The company owes $315 million in senior secured debt to SoftBank, in addition to other unsecured liabilities, he said.

The vehicle leasing model “required it to raise a lot of debt, and the company has not been able to repay that debt and doesn’t have the ability to pay it,” he said. “And for us to raise the capital we need to pursue the marketplace business requires that debt to be eliminated

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