Crédito Real, close to an agreement

airs of hope are felt Royal Credit, who drives Romans Angel, Well, they inform us of the progress of the dialogue between the financial company and the foreign bondholders where agreements are about to be reached to determine the viability of the assets and offer an opportunity for recovery to the creditors.

It was last February when Credito Real collapsed after defaulting on $176 million in bonds, causing its bond values ​​to plummet by up to 99%. Despite the disastrous scenario surrounding the family business Berrondo Romans, it is known that despite an unusual path towards dissolution and liquidation, it would be in a better position, since according to its projections, bonds could reach as much as 20 to 25 cents in 24 months, compared to 14 cents which would reach in six years of to be in Bankruptcy or Chapter 11.

Bondholders and unsecured creditors are taking part in the negotiations, and although there is still nothing concrete, it is clear that this is a first step towards an agreement that would create a more positive scenario, and delay thus a request for an involuntary bankruptcy hearing in the United States.

In the meantime, the lender stands by its refusal to sue under Chapter 11, since accepting it would require it to leave Mexican jurisdiction, where the liquidation has been concentrated, and where it has promised to respond to the banks, mainly local, and where Nafin appears, won by Luis Antonio Ramírez Pineda, who would grant discounts of 25% on average.

THE ROAD TO MONEY

Given the threat of a strike, which the Nacional Monte de Piedad union considers, given the absence of an agreement on an 18% salary increase, it is increasingly possible to close the so- saying poor people’s bank. At the center of the negotiation gravitates the high cost of the advantages that the company grants to its employees. I am referring to paying a collective contract with 105 days of bonus, 60 days of savings or pension funds and lifetime medical service for retirees and their dependents, stifles the National Tour of Mont de Piedad…

The meeting between Association of Capital Cities of Mexico (ACCM) with the Executive Secretary of the National Public Security System, Clara Luz Flores Carrales, reported good results on the path to reducing insecurity in the country’s cities. The meeting with the official was led by Eduardo Rivera Pérez, Mayor of Puebla, who has raised funds to improve security in municipalities, create technical committees to finance the police and have a metropolitan security agenda…

The Mexican Association of Communicators awarded two AMCO awards to Banorte’s communications team, led by Fernando Solís Cámara, for its podcast Norte Económico and its communications strategy for COVID-19.

BY ROGELIO VARELA
[email protected]
@CORPO_VARELA

CORN