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Credito Real Says It’s Been Ordered to Liquidate by Mexican Court

  • Mexican non-bank lender announces liquidiation in filing
  • Firm filed for Chapter 15 bankruptcy protection in US
Updated on

Non-bank lender Credito Real SAB said a Mexican court has ordered it to liquidate, and hours later filed for Chapter 15 bankruptcy in Delaware, a move that protects its US assets during the Mexican proceedings. 

The liquidation order came following legal action from a shareholder, and a judicial liquidator has been appointed and assumed office, according to a Mexican filing on Thursday. It’s the latest shock in a twisting saga for the Mexican firm, whose meltdown was exacerbated by a foreign-bond default earlier this year.