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Unifin Financiera filed a debt restructuring deal in a Mexican bankruptcy court last week which is currently under consideration by the judge. The judge must approve the plan before January 28 for the court to process the deal. According to the plan, which was earlier published on the company’s website at the start of the year, Unifin will receive up to MXN 4.65bn ($276mn) of new financing from the government. It’s largest shareholder, Lebois, will get about 10% equity stake in the restructured company and will have to put up collateral worth 20% of a new loan from Mexican Development banks. Through the deal, the unsecured creditors, including banks and bondholders will gain control of the company with as much as 80% of the equity in the restructured firm.
Unifin’s dollar bonds continue to trade at deeply distressed levels of 4-6 cents on the dollar.
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