Credivalores Admitted in Reorganization Plan: Colombia Watchdog

Credivalores was admitted in the process of reorganization which allows it to renegotiate its debt, Colombia’s company watchdog said in a statement.

• Credivalores indicated that its economic crisis arose from the high costs incurred from filing for Chapter 11 in the US, the difficulty in accessing sources of funding, and the impossibility of renegotiating obligations with public and private creditors, the watchdog, known as Supersociedades, said
• The Colombian non-bank lender has assets worth 1.5 trillion pesos ($346 million) and liabilities worth 1.6 billion pesos
• Company has said it is looking to renegotiate its debt and continue providing financial services
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