Regional news: Mexico

Crédito Real’s Mexican liquidation to be appealed

A Mexican judge has permitted an appeal against lender Crédito Real’s domestic liquidation, as it prepares to fight an involuntary Chapter 11 filing in Delaware a month from now.

19 August 2022

Crédito Real Ch11 moves to Delaware

Shadow bank Crédito Real has won a New York court’s approval to transfer its involuntary Chapter 11 case to Delaware, where it sought recognition of its Mexican liquidation last month.

02 August 2022

Crédito Real seeks Ch11 dismissal and recognition of Mexican liquidation

Shadow bank Crédito Real is seeking Chapter 15 recognition of its recently-ordered Mexican liquidation in Delaware to protect its US assets, as it looks to dismiss an involuntary Chapter 11 proceeding launched by creditors in New York last month.

15 July 2022

Crédito Real vows to oppose Ch11 petition in New York

Mexico's troubled payroll lender Crédito Real says it will oppose an involuntary Chapter 11 petition filed against it in New York this week, which it labelled a ploy by “certain alleged minority creditors” to gain leverage in restructuring negotiations.

24 June 2022

Portuguese rig owner secures emergency financing in Texas Ch11

A drilling rig owner based in Madeira has won interim Chapter 11 relief in Texas after claiming it has likely over US$1 billion in secured debt and an uncertain path to realising value from its sole asset.

22 June 2022

Credito Real drops DLA Piper and FTI as restructuring talks continue

A struggling Mexican shadow bank that planned to enter Chapter 11 has dismissed DLA Piper and FTI Consulting as its restructuring advisers, as it continues to negotiate with creditors following a default on US$171 million of unsecured Swiss bonds in February.

13 June 2022

Aeroméxico exits Chapter 11 bankruptcy

Mexican flag carrier airline Aeroméxico has successfully emerged from its Chapter 11 restructuring, almost two years after it first entered the process.

22 March 2022

Last-minute deals pave way for Aeroméxico Chapter 11 plan approval

Mexico’s second-largest airline has secured approval of its restructuring plan after reaching last-minute agreements with objecting creditors, paving the way for Apollo Global Management to become its largest shareholder.

31 January 2022

Cleary assists as Mexico’s Pemex refinances debt

Mexico’s state-owned oil group Pemex and the country’s Ministry of Finance have relied on Cleary Gottlieb Steen & Hamilton for a refinancing that will reduce the company’s debt by US$3.2 billion.

11 January 2022

Pacific Radiance seeks moratoria extensions as scheme meetings loom

Offshore oil services company Pacific Radiance has asked a Singaporean court to extend its moratoria, two months after it reached a conditional deal to sell its entire fleet to an affiliate of Mexican vessel owner ENAV Offshore.

23 December 2021

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