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Unifin selling non-strategic assets, to meet creditors

Unifin is selling non-strategic assets and will be holding meetings with all groups of creditors this week, according to a source close to the Mexican non-bank lender and an email response to Debtwire from Unifin’s investor relations department.

The meetings are scheduled in order to revise and amend an initial business and restructuring plan presented to creditors two weeks ago which Unifin hopes will be implemented as part of a creditor agreement in its Mexican bankruptcy process or concurso, the email said.

The investor relations response also noted that lender is seeking a Mexican DIP loan and hopes to exit concurso as an operational company.

Unifin Financiera and subsidiaries Unifin Credit and Unifin Auto voluntarily entered concurso on 4 January.

“We are in intense negotiations with all the creditor groups to reach terms for a creditor agreement in the Mexican bankruptcy process in the coming weeks and keep the company running,” the source close to the company said.

Unifin Financiera, the holding company, provisionally owes UDI 3bn in secured debt (USD 1bn) and UDI 7.7bn in unsecured debt, according to the provisional creditor list seen by Debtwire. The UDI is an inflation-adjusted currency used for financial transactions in Mexico.

Provisionally, the largest holders of secured debt are Credit Suisse with UDI 690m, Banamex with UDI 659m, Mexican development bank NAFINSA with UDI 509m, Scotia Inverlat with UDI 437m and Banco Santander with UDI 273m, according to the list.

Provisionally, the largest holders of unsecured debt are CIBANCO with UDI 488m, Banco Latinoamericano de Comercio Exterior with UDI 269m, PROPARCO with UDI 173m, Nomura with UDI 152m, Eco Business Fund with UDI 119m, Blue Orchard with UDI 105m, Cargill Financial Services with UDI 78m and Barclays with UDI 64m, according to the list.

Additionally the Bank of New York Mellon is listed as holding UDI 5.9bn as trustee of unnamed bondholders.