Home » Business » Crédito Real requests to file for Chapter 15 of the US bankruptcy law

Crédito Real requests to file for Chapter 15 of the US bankruptcy law

The non-bank finance company Crédito Real filed to file for Chapter 15 of the United States bankruptcy law as part of its restructuring process and after it was placed in liquidation by a judge in Mexico City last Thursday.

In a clarification requested by the National Baking and Stock Commission (CNBV) through the Mexican Stock Exchange (BMV), Crédito Real explained that last Thursday it requested before the courts of Delaware, United States, to benefit from the procedure contemplated in Chapter 15 of the United States bankruptcy law.

In addition, he requested to discard the judicial insolvency proceedings initiated without consent of the company by a group of bondholders under the bankruptcy law of the Southern District of New York.

In addition, he indicated that they were Santander and BBVA who requested precautionary measures against them to secure assets, such as bank accounts and trust rights, applications that are filed in courts of common order in Mexico City.

“Except for the above, Crédito Real is not aware of any other judicial, administrative and arbitration proceedings of importance for the company or for the legal entities that it controls, or against the shareholders who have at least significant influence, directors and relevant directors, ”he added.

Meanwhile, he pointed out that it was Ángel Francisco Romanos Berrondo, shareholder of the company, who informed the court about the grounds for dissolution. The provisional liquidator appointed by the judicial authority is the lawyer Fernando Alonso de Florida Rivero, who accepted the position on July 8. The appointment of him will be definitive to cause execution of the aforementioned sentence.

Crédito Real explained that said liquidation sentence was published last Thursday and will take effect for notification on August 1st, for the vacation period of the Superior Court of Justice of Mexico City.

Consequently, the sentence has not caused status and retains the legal personality of the company solely for purposes of liquidation and, in accordance with the measures decreed by the judge himself, aimed at preserving the company’s assets to the greatest extent possible.

Finally, he added that, as he had previously denounced and published, it is not perceived that there is any situation that could affect the financial structure, in the results or in the liquidity, profitability and asset utilization indexes of the Issuer.

“The cash flow of the current portfolio of the company is not affected as a result of the declaration of dissolution, which will face the next maturities of stock certificates identified with the ticker codes ‘CREALCB17’ and ‘CREALCB19′”, he added. .

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