Credito Real S.A.B. de C.V. and its ad hoc group of creditors have jointly filed a motion to dismiss an involuntary Chapter 11 bankruptcy case pending in the U.S. Bankruptcy Court for the District of Delaware (Case No. 22-10696).
The motion, filed on February 18, 2025, comes after the parties reached a restructuring support agreement (RSA) in May 2023. According to court documents, the RSA stipulates that petitioning creditors would withdraw the involuntary bankruptcy case upon approval of the Convenio Concursal by the Mexican court overseeing Credito Real's reorganization proceedings.
The Mexican court approved the Convenio Concursal on August 15, 2024. Subsequently, on February 7, 2025, Credito Real filed a new Chapter 15 petition seeking recognition of its Mexican proceedings.
Richards, Layton & Finger, P.A., representing Credito Real, and Potter Anderson & Corroon LLP, representing the ad hoc group, filed the joint motion. A hearing on the dismissal is scheduled for March 11, 2025, at 3:00 p.m. ET, with an objection deadline of March 4, 2025.
The case originated in the Southern District of New York in June 2022 before being transferred to Delaware in August 2022. The dismissal motion cites Section 303(j) of the Bankruptcy Code, which allows for dismissal of an involuntary petition with consent of all petitioners and the debtor.
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Link to full document: Joint Motion of the Putative Debtor and the Ad Hoc Group Dismissing the Involuntary Chapter 11 Petition Filed by the Ad Hoc Group
Document length: 6 pages