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Credito Real Warns Creditors of Terminating the Bankruptcy Agreement
August 16, 2023
Credito Real warned creditors that unless other legal challenges are withdrawn, it might terminate the agreement to file a pre-packaged bankruptcy, according to court filings. Last week, the company had sought a 30-day deadline extension to file the bankruptcy package. Credito Real lawyer John Cunningham of White & Case LLP had written a letter on August 11, stating that if the conditions were not met by Monday, the company would terminate the agreement. Creditors argued that the timetable was unreasonable and included a copy of the letter in their August 14 court filing. It was unclear if those cases had been withdrawn. The filing is the latest twist after Credito Real defaulted on $1.9bn of dollar bonds in February 2022.
Credito Real bonds traded flat to slightly lower with its dollar bonds at 11-12 cents on the dollar.
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