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Credito Real Will Fight Bondholder Bid to Force Bankruptcy (2)

June 23, 2022, 12:43 PM

A group of Credito Real SAB bondholders is seeking to force Mexico’s largest payroll lender into bankruptcy in the US, a move the company says it will fight.

Institutional Multiple Investment Fund, Banco Monex and Solitaire Fund filed a so-called involuntary Chapter 11 petition against Credito Real, a maneuver that would put the Mexico City-based company before a US judge if it’s allowed to proceed. The lender will continue operating normally and plans to oppose the filing, according to a statement.

The filing has the backing of a larger group of unsecured creditors, according to a person with knowledge of ...