Metrofinanciera Gets Approval

Mexico’s Metrofinanciera says a Nuevo Leon court has approved its pre-packaged bankruptcy plan. “In the coming days, Metrofinanciera will start the process to exchange securities in the period and terms outlined in the bankruptcy agreement, giving way to the creation of a new shareholder structure,” the lender says in a filing on the bolsa. Metrofinanciera is one of the first companies in Mexico to restructure under the concurso mercantil bankruptcy laws. Metrofinanciera is being advised by Bank of America Merrill Lynch.