July 13, 2020 |
Mexican retailer, Grupo Famsa, withdrew a pre-packaged bankruptcy protection plan filed in a US bankruptcy court on Friday, having failed to make payment on Mexican peso-denominated notes that it had said were previously unimpaired.
The Chapter 11 bankruptcy filing on June 26 was followed by a decision by Mexican authorities to withdraw the banking license of the retailer's savings bank arm, Banco Famsa.
Prior to the formal withdrawal on Friday, the company's lawyers, Paul Hastings, wrote to US
Mexican department store operator's savings bank division had license revoked