Jáuregui y Del Valle´s Partner, Fernando Alonso-de-Florida was appointed as Liquidator of Credito Real, S.A.B. de C.V. SOFOM ENR (“Credito Real”) by a Mexican court that approved its dissolution and liquidation.
Credito Real was the largest non-bank in Mexico, specializing in payroll-backed, used automobiles and S.M.E.s loans, alongside leasing with indebtedness in excess of US$2.6 billion, under various financing structures. The structures include local and cross-border bilateral and syndicated loans and local and cross-border bonds involving lenders and bondholders from multiple jurisdictions and development banks. In addition, Credito Real operated in several countries outside Mexico, including the United States, Costa Rica, Panama and Honduras.
The Court selected Alonso-de-Florida based on his background and for being a registered Conciliator and Receiver (síndico) at the Federal Institute of Experts on Business Reorganizations (Instituto Federal de Especialistas de Concursos Mercantiles or IFECOM). His responsibilities as Liquidator entail negotiating the payout of Credito Real’s indebtedness, recovering loans granted by the company and selling its assets in the most favorable conditions.
*This article is authored by Fernando Alonso-de-Florida and it may reflect their personal opinions independently from the law firm they work for. Shall you intend to apply any of the debated interpretations within the article, we highly recommend to formally consult Jáuregui y Del Valle, S.C. or any other qualified tax and labor advisor.
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