2023-08-17 08:17:45
Mexico City — Crédito Real and a group of bondholders reached an agreement that establishes a new deadline to initiate a commercial bankruptcy, under which the non-bank financial institution in liquidation will settle its commitments with this group of creditors.
The agreement grants 30 days more than the deadline of August 10, for compliance with the terms established in a preparatory agreement, Restructuring Support Agreement (RSA), which was signed in May, reported Crédito Real in a statement distributed on the Stock Exchange. Mexican of Values.
The possibility of an extension of 30 calendar days had been advanced by Bloomberg.
The extension considers the deadline of September 9 for the presentation and admission of the commercial bankruptcy before the Mexican courts, a source with knowledge of the situation told Bloomberg Línea. The extension agreed for the judicial procedure will allow the preparation of all the necessary documentation for the filing of the trial.
As part of the extension reached, it was agreed to dismiss, no later than August 17, the judicial process against Crédito Real initiated by Monex, as well as the amparo promoted by Jesús Nava Moreno, a shareholder of the financial company, against the liquidation of the company, the source said.
A representative of Crédito Real was consulted regarding the details of the agreement, but was not available due to being contacted outside business hours.
The Bankruptcy, which will allow the company’s debt to be restructured with the bondholders with the accompaniment of a judge in Mexico, is one of the last steps in the liquidation process of Crédito Real, which in the last year has reached agreements with the majority of its bank creditors.
Crédito Real and its bondholders will appear before the judge who will handle the Bankruptcy, with the pre-agreement that already considers the distribution of the company’s remaining assets, these will form part of a trust.
As of October 31, 2022, Crédito Real of around US$2 billion to its unsecured creditors, according to a document distributed on the company’s website.
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