Mexico’s Credito Real requests to enter U.S. Chapter 15 bankruptcy procedure

MEXICO CITY – Mexico’s Credito Real said on Tuesday it had requested to enter the U.S. Chapter 15 bankruptcy procedure as the company struggles to meet its financial obligations.

In a securities filing, the company also said the Mexican units of Banco Santander and BBVA requested precautionary measures to secure assets, bank accounts and trust rights in a Mexico City court.

(Reporting by Carolina Pulice, Valentine Hilaire and Kylie Madry)