by Amruth Sundarkumar | Sep 22, 2022 | Corporates, Distressed / Defaulted Bonds
Mexican non-bank lender Credito Real’s offshore bondholders have considered taking legal action against the non-bank lender in Mexico to recover losses, as per Reuters’ sources. Its offshore bonds have lost over 98% in value ever since it defaulted on its CHF...
by Amruth Sundarkumar | Sep 2, 2022 | Corporates, Credit Ratings
Mexican non-bank lender Credito Real was downgraded to D from RD by Fitch. The rating agency then withdrew the rating citing the default of the entity. Fitch notes that some form of liquidation process is ongoing, based on the company’s announcements – On...
by Amruth Sundarkumar | Jun 24, 2022 | Distressed / Defaulted Bonds
Credito Real is set to fight an involuntary bankruptcy petition by a group of bondholders by saying it was “improper and was filed as a litigation tactic in the U.S. by certain alleged minority creditors to gain leverage in negotiations with the company”....
by Amruth Sundarkumar | Jun 8, 2022 | Corporates, Distressed / Defaulted Bonds
Mexican non-bank lender Credito Real is said to be preparing for a bankruptcy filing in the US by this week, as per sources. The company defaulted on the principal payment of its CHF 170mn ($180mn) 2.875% bond due February 9, 2022 and was subsequently downgraded by...
by Amruth Sundarkumar | Feb 28, 2022 | Financial News
Credito Real reported revenues of MXN 3.1bn ($153mn) in 4Q2021 vs MXN 2.8bn ($136mn) in 4Q2020 and a net loss of MXN 359mn ($17.7mn) in 4Q 2021 vs a net profit of MXN $120mn ($5.8mn) during the same quarter in the prior year. Cash and cash equivalents stood at MXN...
