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TitleMax
TitleMax, Inc. is a privately title lending business based in Savannah, Georgia. The company has more than 1150 stores in eighteen states. TitleMax serves individuals who generally have limited access to consumer credit from banks, thrift institutions, credit card lender and other traditional sources of consumer credit.〔(TMX Finance LLC. Amendment No.2 to Form S-4, Filed April 19, 2011, “Summary: The Company”, p. 1. )〕 TitleMax offers a title loan product which allows customers to meet their liquidity needs by borrowing against the value of their vehicles while retaining use of their vehicle during the term of the loan.〔 Many locations are in former fast food outlets which the company renovates.
== History ==
On September 1, 1998, TitleMax opened the first location in Columbus, Georgia.〔 In October 1998, TitleMax opened its second location in Savannah, Georgia. Many Savannah locations were then established, and later that year, TitleMax opened the first out-of-state store in Phenix City, Alabama. Over the next ten years, the company continued expanding, eventually growing to over 500 locations by the end of 2007, and surpassing $200,000,000 in account receivables.〔(TMX Finance LLC. Form S-4, Filed February 11, 2011, “Summary Historical Financial and Operating Data”, p. 9. )〕 In 2008, TitleMax expanded into Virginia. In April 2009, TitleMax Holdings, LLC, filed for chapter 11 bankruptcy.〔Larson, Eric. (“Titlemax Seeks Bankruptcy Protection in Georgia (Update2)” ), “Bloomberg,” April 20, 2009, accessed August 3, 2011.〕 According to TitleMax’s lawyer at the time, the cause of the default was attributed to “the maturity of an estimated $165 million loan from Merrill Lynch & Co.”〔 In 2008, Bank of America acquired Merrill Lynch & Co.. The attorney of DLA Piper LLP in New York City was quoted in an interview conducted by Bloomberg as saying, “It’s a solvent company, there’s a significant amount of equity over the debt.”〔 In April 2010, nearly one year after the bankruptcy filing, TitleMax Holdings LLC won court approval for reorganization and was able to exit bankruptcy status.〔Jeffrey, Donald. (“TitleMax Reorganization Plan Confirmed by Bankruptcy Judge, Attorney Says” ), "Bloomberg," April 12, 2010, accessed August 3, 2011.〕 Since reorganization, TitleMax continued expanding into other states.〔(TMX Finance LLC. Form 8-K, Filed July, 19, 2011, “Recent Results”, p. 2. )〕
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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