Metrofinanciera, Mexico Mortgage Lender, Seeks U.S. Bankruptcy Protection

Metrofinanciera SA, a closely held provider of mortgage loans in Mexico, sought bankruptcy court protection from U.S. creditors.

The company, based in Monterrey, Mexico listed both debt and assets of more than $500 million in Chapter 15 documents filed today in U.S. Bankruptcy Court in Corpus Christi, Texas. Chapter 15 protects foreign companies from U.S. lawsuits and creditor claims while a company reorganizes abroad.

“The crash of worldwide financial markets in September of 2008 severely impacted Metrofinanciera’s ability to obtain further financing,” Jose Angel Amaro, a company director, said in court papers.

The company filed to reorganize in Mexican federal court in August 2009, according to court papers. Metrofinanciera has filed papers seeking recognition of the Mexican case as a foreign main proceeding.

The U.S. case is In re Metrofinanciera SA, 10-20666, U.S. Bankruptcy Court, Southern District of Texas (Corpus Christi).

To contact the reporter on this story: Dawn McCarty in Wilmington at dmccarty@bloomberg.net.

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