The non-bank lender, Crédito Real, announced that a Mexican judicial authority ordered its liquidation, following a legal action initiated by a shareholder.
A designated judicial liquidator, who has assumed the position and is performing it, says the document sent this Thursday. It’s the latest shock in a twisted saga for the Mexican firm, whose collapse was exacerbated by a Swiss franc bond default earlier this year.
Last month, some creditors tried to force Credito Real to file for bankruptcy in the United States. The deadline for the company to respond to that involuntary bankruptcy petition is Thursday.
Crédito Real previously terminated its contractual agreement with legal and financial advisers preparing for Chapter 11 bankruptcy proceedings in the United States, saying the move was in the best interest of the company and that it was still trying to restructure its debts.
The company had been looking to line up financing from existing creditors to help fund the bankruptcy process, Bloomberg previously reported.
Mexican Stock Exchange suspends Credito Real shares
Last June, hea Mexican stock exchange (BMV) reported that it temporarily suspended the listing of the shares and stock certificates of Crédito Real for not delivering its financial information in a timely manner.
The suspension applied that month and will be lifted at the time the issuers disclose the information in their reports at the end of 2021.
For this reason, Real Credit He stated that he was evaluating the different options to strengthen his financial position and advance in his restructuring efforts, with the intention of preserving value for all interested parties and guaranteeing the continuity of the company’s operations.
The personal credit lender confessed that she was experiencing financial problems.
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