Bankrupt Crédito Real Puts US Finance Company on Auction Block

Mexican finance company Crédito Real SAB de CV will auction a US auto finance unit through its Chapter 15 bankruptcy case but has yet to receive an opening bid.

The company has said it wants to sell its Florida-based subsidiary specializing in providing loans to sub-prime borrowers for the purchase of used cars, Crédito Real USA Finance LLC, for at least $45 million. The parent company is in the midst of liquidation proceedings in Mexico and a corresponding Chapter 15 bankruptcy in the US.

Although “the Chapter 15 Debtor has seen robust engagement from interested parties, with several credible parties ...