Catenai (AIM:CTAI) announced on Friday that an application to appoint an administrator for Klarian, fintech and media-focused company, was filed at the UK High Court.
The AIM-quoted company noted that the application was filed on 16 October by Innovate UK Loans, a creditor of Klarion.
Catenai, which provided Klarian a £450,000 unsecured convertible loan note in April 2024, said it had already been chasing repayment after Klarian missed a 1 July deadline agreed under an extension in May.
As at 30 June, the amount due to Catenai under the loan note, including accrued fees, stood at approximately £762,084, and the facility remains unsecured.
No further extension has been agreed, and no part of the repayment has been received as of Friday's announcement.
"We are disappointed by this development, particularly as we understood that Klarian was in discussions to raise additional investment with existing investors," said John Farthing, Catenai's interim chief executive.
Catenai said a further announcement will be made in due course.
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