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Credito Real is seeking to extend a deadline by 30 days to secure a vote from a majority of investors for its bankruptcy filing in local courts. The distressed Mexican had defaulted on $1.9bn in bonds and its offer to get investors back its bankruptcy filing was set to expire on Thursday. At end-June, the lender said that it had made substantial progress in talks with creditors. As per Bloomberg, Credito Real’s lawyers and investors are pushing for a deal to allow creditors to recoup about 23 cents on the dollar over the next few years from an SPV that would seek to recover remaining loans.
Credito Real’s dollar bonds are trading at 11-12 cents on the dollar.
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