Mexican Hotel Operator Posadas Files Bankruptcy in New York

Grupo Posadas SAB de CV filed for Chapter 11 bankruptcy in New York, court papers show.

• Mexican hotel operator lists assets and liabilities of as much as $1B each in its bankruptcy petition
• Company has enough support from noteholders to swap some debt for secured notes with later maturities, according to statement
  • Other claims to be unimpaired, per statement
  • Company expects bankruptcy to wrap up within about 60 days
• The case is Grupo Posadas S.A.B. de C.V., 21-11831, U.S. Bankruptcy Court for the Southern District of New York (Manhattan)

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