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Credito Real and its creditors reached a deal to file for bankruptcy within 30 days, according to court filings. Atleast, 50.1% bondholders have signed the agreement. Last week, the company had warned creditors of terminating the bankruptcy agreement unless other legal challenges were withdrawn. Creditors agreed to withdraw a legal motion in Mexico that was contesting an earlier liquidation process, according to Thursday’s court filing. Credito Real bondholders will be able to recoup a maximum of about 23 cents on the dollar over three years through the bankruptcy process. In the first year, creditors will receive about half of the total expected recoveries, according to documents given to investors earlier this year.
Credito Real bonds traded at distressed levels with its 9.5% 2026s trading at 11.5 cents to the dollar.
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