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Indebted, the insurer Luko requests the opening of an accelerated safeguard procedure

2023-06-10T10:14:02.846Z

Highlights: Insurance start-up Luko has requested the opening of an accelerated safeguard procedure to facilitate the repayment of its debt. The request was filed with the Commercial Court of Bobigny and aims to obtain "a spreading of the debt of 45 million euros" of the young shoot created in 2018. Luko boasts on its website more than 400,000 policyholders and a presence in several European countries. The company did not pay in April a maturity of 12 million euros to Unkle, explains L'Argus de L'Assurance.


This request aims to obtain "a spreading of the debt of 45 million euros" of the young shoot created in 2018.


The insurance start-up Luko has requested the opening of an accelerated safeguard procedure to facilitate the repayment of its debt, learned Saturday, confirming information from L'Argus de l'Assurance. "A request to open (safeguard procedure, editor's note) has been made," a source close to the case told AFP. According to L'Argus de l'Assurance, the request was filed with the Commercial Court of Bobigny and aims to obtain "a spreading of the debt of 45 million euros" of the young shoot created in 2018. Luko's business model is "good" and the start-up "sustainable", says the source close to the file, which indicates that no job cuts are planned to date among the 180 employees.

The request to open a safeguard procedure comes after two acquisitions made in 2022 by Luko: first that of the German insurer Coya in January, then that of the French specialist in the insurance of unpaid rents Unkle in March. A fundraising was planned to bring new money to Luko after these two acquisitions but it never took place and the company did not pay in April a maturity of 12 million euros to Unkle, explains L'Argus de L'Assurance.

The specialized media points out that the request for safeguard proceedings aims to reschedule the entire debt of 45 million euros contracted by Luko with its creditors and not only the 12 million euros owed to Unkle. Luko boasts on its website more than 400,000 policyholders and a presence in several European countries. Initially specialized in home insurance, it has since diversified into borrower insurance.

Source: lefigaro

All business articles on 2023-06-10

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