Bloomberg – Unifin Financiera has tasked its major shareholder with restructuring negotiations after Mexico’s largest non-bank bank announced the suspension of $2.4 billion in bond payments in the context of distrust in the sector.
Rodrigo Leboawhich controls approximately 53% of Unifin shares, He will lead the restructuring committeeAn outside representative for the company told Bloomberg News that it will seek to implement a rapid and orderly process to stabilize capital and liquidity.
Unifin stock and bond prices fell last week as the company said it would suspend coupon and principal payments after closing financing options. after the announcement Unifin blamed the infection for the collapse of Mexican non-bank Alpha Holdings and Credito Real. He said some revolving lines of credit had not resumed.
Unifin shares are up as much as 13% on Monday after stabilizing after falling 15% at the open. Its shares fell more than 90% last week. Its bonds due in 2023 rose 0.42 percent to 16.36 cents in the dollar on Monday, according to tracking pricing.
Rothschild & Co., AlixPartners LLP, Sainz Abogados and Skadden, Arps, Slate, Meagher & Flom advise Unifin.
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