A judge suspended the liquidation of the non-bank lender Real Credit in Mexico at the request of a shareholder, at the same time that some of the company’s creditors are looking for it to take advantage of the Chapter 11 of the United States Bankruptcy Law.
The shareholder had argued that the liquidation did not safeguard their rights to adequate access to justiceaccording to three people familiar with the matter and to documents seen by Bloomberg.
Angel Francisco Romanos Berrondowho stepped down as CEO last year, had won an order to settle the payroll bank in Junesetting the stage for a legal fight over the best way to pay the 2.5 billion owed to creditors.
The implosion of Crédito Real, which fell in default with a swiss bond in February, unleashed a crisis of confidence in lenders non-banks in Mexico.
Real Credit did not immediately respond to an emailed request for comment. The company has six business days to respond to the ruling and you can still appeal.
The company said Wednesday that it is being investigated by Mexico’s securities regulator.
In a separate filing, the company said that had no debts with Banco Santandercontradicting a statement from the bondholders that assure that Crédito Real has a debt of around $40 million with the Spanish bank.
Bondholders are fighting to place the company in Chapter 11 bankruptcy in the United States.
The company had been seeking financing from existing creditors to help finance the bankruptcy process, according to reports. Bloomberg.
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.