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Credito Real Prepares Bankruptcy Filing After Bond Default

  • Non-bank lender trying to secure financing from creditors
  • Mexican company failed to pay holders of Swiss franc bond
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Credito Real SAB, Mexico’s largest payroll lender, which fell into default earlier this year, is preparing a potential bankruptcy filing in the US as soon as this week, according to people with knowledge of the situation.

The non-bank lender is looking to line up financing from existing creditors to help fund the bankruptcy process, said one of the people, who asked not to be identified because the talks are private.