Credito Real Says Working With Creditors Following Default

After posting a loss for the fourth quarter, Credito Real said it was seeking to avoid a messy legal battle with creditors and would work to keep the company running following a default earlier this month.

The lender that focuses on payroll loans posted a loss of 359.4 million pesos ($17.7 million) in the fourth quarter as cash levels dwindled to around $30 million.

Credito Real failed to pay a 170 million Swiss franc ($184 million) bond due Feb. 9. After huddling with more than 100 representatives from creditors on Feb. 16, the company said it’s aiming for an orderly ...