(Bloomberg) -- Consumer lending conglomerate Curo Group Holdings Corp. and affiliates filed for bankruptcy after failing to outrun a heavy debt load. 

The company entered court protection with a plan, supported by the majority of its debtholders, to reduce about $1 billion in debt and save $75 million in annual interest payments, according to a statement. Restructuring talks on the part of creditors were led by funds including Oaktree Capital Management and Caspian Capital.

Chicago-based Curo listed assets and liabilities of at least $1 billion each in a Chapter 11 petition filed in Texas. The filing allows the firm to keep operating while it works to repay creditors.

The company has struggled to stay profitable in recent years as acquisitions added to its debt burden, Moody’s Ratings said in a February credit rating downgrade. Curo skipped an interest payment due Feb. 1. 

More than 74% of debtholders agreed to the restructuring plan ahead of the bankruptcy filing, and Curo will continue to operate all branches as usual during the court process, it said.  

Curo’s brands include Cash Money, Heights Finance and First Heritage Credit. Consumer lending firms like Curo typically offer short-term, high-cost loans in relatively small dollar amounts. 

The company had more than $2 billion of debt as of Sept. 30, according to regulatory filings. 

(Updates to add restructuring plan details in second and fifth paragraphs.)

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