Mexican Lender Seeks Ch. 15 Against $100M Notes

Law360, New York (August 30, 2010, 7:24 PM EDT) -- Metrofinanciera SAPI de CV, a Mexico-based subprime and construction lender, has turned to Chapter 15 bankruptcy to stave off U.S. investors and wrap up its $880 million debt restructuring in Mexico.

The Monterrey-based lender filed a Chapter 15 petition Monday in the U.S. Bankruptcy Court for the Southern District of Texas, seeking a temporary restraining order preventing The Bank of New York Mellon Corp. from taking legal action on behalf of the banks and hedge funds holding $100 million in unsecured notes.

Without the Chapter 15...
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