Bankrupt units of a Mexican and Colombian payroll lender have secured court approval to access part of a $45 million loan to fund operations during their chapter 11 case after agreeing to install a chief restructuring officer, Reuters reported. During a virtual hearing on Wednesday, U.S. Bankruptcy Judge Kate Stickles in Wilmington, Del., signed off on Alpha Latam Management LLC's request to tap $17.5 million of the full loan. A hearing on the rest of the loan will be held at a later date. ALM is an affiliate of Mexico’s Alpha Holding SA de CV, which is not part of the chapter 11 case.
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The Mexican government on Wednesday filed a lawsuit in the United States against 11 gun manufacturers and suppliers, accusing them of negligently facilitating the flow of weapons to powerful drug cartels and enabling tremendous bloodshed in Mexico, the New York Times reported.
Creditors said that Alpha defaulted earlier this year when the privately held nonbank lender disclosed accounting errors in its Mexican segment, sending its bond prices tumbling, WSJ Pro Bankruptcy reported. Alpha has $768.4 million in debt, mostly unsecured bonds, and has lined up $45 million in emergency financing to get through chapter 11 proceedings in the U.S. Bankruptcy Court in Wilmington, Del. The Mexican segment didn’t file for bankruptcy.
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Mexico’s new Finance Minister Rogelio Ramirez de la O pledged to maintain the country’s austerity, making a better use of its resources instead of increasing the debt burden, according to a statement, Bloomberg reported. Ramirez, a longtime ally and third Finance Minister of President Andres Manuel Lopez Obrador, begins what in Mexico is considered the most influential cabinet role with the goal of obtaining a level of independence his predecessors didn’t attain.
Mexican telecommunications company Altan Redes, which has since 2016 been developing an ambitious telecommunications network built for carriers delivering the latest generation of technology, said on Tuesday that it has filed for bankruptcy, Reuters reported. The shared network is part of a reform to the sector aimed at curbing the dominance of the giant America Movil, controlled by the family of billionaire Carlos Slim, and improving the low levels of mobile phone penetration and network coverage.
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Mexican businessman Miguel Aleman Magnani is residing in France and fighting an arrest warrant in his native country on charges of tax fraud, his lawyer said Tuesday, Bloomberg News reported. Aleman Magnani is accused by Mexican authorities of not paying 65 million pesos ($3.2 million) in taxes dating back to 2018 that the airline he co-founded, Interjet, collected from customers and employees but failed to forward to the government. Aleman Magnani has no intention to travel to Mexico for the time being. “It’s not clear that Mr.
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Aeromexico said on Friday a group of Mexican shareholders and business people had informed the airline they aimed to participate in a major capital raising as part of the company's Chapter 11 restructuring process in the United States, Reuters reported. Aeromexico in a statement said it was unaware that any agreement had been reached so far, but would provide details as and when one was in place. It also noted it expected the investment to be "substantial, controlling and long-term." Delta Airlines, which owned a noncontrolling 51% stake in Aeromexico as of Dec. 31, declined to comment.
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A Mexican court has issued an arrest warrant on tax fraud charges for one of the founders of Mexican airline Interjet as the nation’s president targets an elite group that he calls corrupt, Bloomberg News reported. Miguel Aleman Magnani is accused of not paying 65 million pesos ($3.3 million) in taxes the airline collected from customers and employees but failed to forward to the government, said a person familiar with the matter who asked not to be named because the charges haven’t been publicly announced. Further charges may be forthcoming, the person said.
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Mexican airline Grupo Aeromexico said on Tuesday the U.S. Bankruptcy Court for the Southern District of New York, presiding over its chapter 11 restructuring process, gave it 75 more days to present a reorganization plan, Reuters reported. “The court approved the extension because, among other reasons, of the good progress the company has made with its restructuring,” Aeromexico said.
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Mexican airline Interjet hopes to strike a deal with creditors within a year so it can re-start operations after it shut down during the coronavirus pandemic in December, the firm representing it in the debt talks said, Reuters reported. Shareholders of the carrier owned by ABC Aerolineas reached an agreement in April for Interjet to seek commercial bankruptcy to allow it to restructure $1.25 billion in liabilities. Interjet had also been struggling before the pandemic.
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