Creditors Seek Involuntary Ch. 11 For Mexico Payday Lender

By Rick Archer (June 23, 2022, 3:00 PM EDT) -- Creditors of Mexican payday and consumer lender Crédito Real have asked a New York bankruptcy judge to send the company into Chapter 11 bankruptcy a week after it defaulted on a $50 million loan.

The three investment funds, which claim to hold just more than $8 million in unsecured Crédito Real bonds, filed the petition Wednesday to place the company, which has claimed to be working on a debt restructuring since a bond default in February, into Chapter 11 without its consent.

Counsel for the three firms — Institutional Multiple Investment Fund LLC, Banco Monex SA and Solitaire Fund — did...

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