Mexarrend Bonds Sink After Mexico Lender Says Will Miss Payments

Bonds of Mexican non-bank lender Mexarrend tumbled to an all-time low on Tuesday after the company said it will miss payments on local debt and dollar bonds after discovering errors in its accounting.

• Mexarrend notes due 2024 sank 18.75 cents on the dollar to of 5 cents, according to Trace data
• The company, which combined with Colombia’s Zinobe Holdings Limited in December and changed its name to Tangerine Pomelo Group, or Tangelo, said in a statement Tuesday that it does not expect to make principal payments, plus interest due Jan. 19 on local Cebures notes
  • Will not make $14.5 million ...