July 27, 2022 | 5:00 a.m.
In the middle of the process of liquidation of Real Credita group of minority shareholders intends to participate in a Assembly to be held tentatively on August 15, in which the restructuring of the company will be discussed.
Said group is made up of 269 members, who to date jointly own 45.6 million shares of Crédito Real, equivalent to 12.36% of the total shares in circulation.
The intention is to request protection guarantees for their investment, since they currently cannot sell their shares because their listing has been suspended since June, and to obtain places on the board of directors to closely follow the liquidation of the company.
We will represent ourselves to appoint a counselor and a commissioner so that they are aware of what is going to be done in the liquidation process
told CEO Samuel Hernández, creator of the initiative.
In early July, the National Banking and Securities Commission (CNBV) ordered the company to hold a meeting at the company’s domicile, located in the Benito Juárez mayor’s office in Mexico City, on August 15.
According to a document found in the Publications of Commercial Companies (PSM) of the Ministry of EconomyCrédito Real must present information on the restructuring, as well as its operational, financial and legal situation.
Also read: Crédito Real informs that there is a judicial ruling that decrees the dissolution of the company
Council seats, a possibility?
After the CNBV order, Crédito Real began to publish more details about the current status of the company. However, so far there is no information about a possible cancellation of the assembly.
The Mexican non-bank financial institution informed the market on July 14 that a civil judge had declared its dissolution and ordered the liquidation of the company, appointing the attorney Fernando Alonso of Florida of the Jáuregui y del Valle office.
To date, Crédito Real does not have a board of directors due to a wave of resignations in recent months. The general and legal directors, Felipe Guelfi Regules and Rodrigo Ruanova Morett also left because the liquidator ordered it that way.
We are starting from the fact that despite the fact that there are no directors at this time, the assembly has not been cancelled. We want to let you know that we are going to represent ourselves to have knowledge of the way in which they are going to operate, directly with the liquidator
commented Héctor Urquiza, another member of the group.
The same statutes of Crédito Real indicate that the holding of at least 10% of the share capital gives guidelines to take a seat on the board. In the document published in the PSM, which Felipe Guelfi still signed, it is established that delegates will be designated to adopt the resolutions of the day of the assembly.
In the event, those entitled to attend and exercise corporate rights may be represented in accordance with the provisions of article 192 of the General Law of Commercial Companies.
Said article establishes that “shareholders may be represented at meetings by agents, whether or not they belong to the company. Representation must be conferred in the manner prescribed by the statutes and in the absence of stipulation, in writing”.
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August will be a key month
Two weeks before the eventual assembly, August 2, is a key date for Crédito Real, when a hearing is held in the New York Court to address the dismissal of the involuntary process under the Chapter 11 of the United States Bankruptcy Law requested by three creditors.
In addition to the liquidation process in Mexico that began Angel Francisco Romano Berrondoformer CEO until last year and a member of one of the two controlling families, the company applied to a court of Delaware initiate a restructuring process under the protection of Chapter 15 in the United States.
As part of the liquidation, the civil judge issued precautionary measures that prohibit embargoes, seizures, executive lawsuits, and seizure of assets to collect on the assets of Crédito Real.
The company reported that so far only Santander Bank y BBVA They requested precautionary measures against it in Mexico, but the company has debt maturities for more than 50,000 million pesos with different institutions.
The fact that there is already a liquidator appointed for the entity in Mexico means that the process has already started, they have to start paying creditors according to the assets they have. If the liquidator detects that there are irregularities, the authorities will be informed so that they can take action on the matter.
explained Salvador Mejía, partner of the law firm Asimetrics.
The minority shareholders of the group want to ensure that the simultaneous processes in Mexico and the United States are convenient for all parties. During the course of this week, a meeting of all the members and their advisers is planned to draw up legal routes and vote for the candidates to occupy the places on the council.
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