Troubled Mexican nonbank lender Credito Real is in talks with foreign bondholders, prompting creditors to delay their request for an involuntary U.S. bankruptcy hearing, according to two sources close to the matter, Reuters reported. Credito Real collapsed after it defaulted on a 170 million Swiss franc ($176 million) bond in February, prompting bonds to shed 99% of their value. The talks are centered on establishing what assets the company still had left and are viable for recovery, offering a rare chance for transparency, one source directly involved told Reuters Wednesday. The person added that while the talks did not constitute negotiations yet, there was chance they could develop into them. "It's a first step (to a deal)," the person said, noting that the bankruptcy proceedings in a Delaware court — originally scheduled for early October — would depend on the outcome of the talks. Credito Real, which offered payroll lending and unsecured credit, has said it opposes entering Chapter 11 proceedings, which would force the company out of the Mexican jurisdiction where its liquidation has been centered so far. Read more.