Credito Real adjusts timeline for sale process of auto financing unit

By Sarah Lizee

Olympia, Wash., Jan. 10 – Credito Real, SAB de CV adjusted some dates under the bid procedures for the sale of its U.S.-based auto financing unit, Credito Real USA Finance LLC, according to a notice filed with the U.S. Bankruptcy Court for the District of Delaware.

The final bid deadline was pushed back to 4 p.m. ET on Jan. 27, the auction was pushed back to Jan. 31, and the sale hearing was pushed back to Feb. 7.

As previously reported, at a shareholder meeting on Sept. 10, 2021, the company was authorized to consider offers for the sale of the Credito Real USA Finance interests in amounts that exceeded the threshold of 1x its book value, which was about $45 million at the time.

Credito Real said the proposed sale presents a significant source of value to creditors in its Chapter 15 case.

Credito Real provides consumer financing. It is based in Mexico City. An involuntary Chapter 11 petition was made under case number 22-10842 in the New York court, but the case number was changed to 22-10696 in the Delaware court. The company’s voluntary Chapter 15 case was filed on July 14 under case number 22-10630.

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