Banking News

Hilco Global Mexico Appointed Primary Servicer of Major Payroll Loan Company in Mexico

Hilco Global Mexico Appointed Primary Servicer of Major Payroll Loan Company in Mexico

Hilco Terracota, a subsidiary of Hilco Global and Hilco Global Mexico, was appointed as the Primary Servicer of one of the major Payroll Loan Companies in Mexico and Colombia (the “Company”).  The Company has recently filed for Chapter 11 Bankruptcy in the US and Mexico and is undergoing a major restructuring process.  As part of the Company’s restructure, most of its creditors appointed Hilco Terracota, who previously acted as Master Servicer, to act as its Primary Servicer of the loans pledged to them by the Company, one linked to a securitization issued by the Company in the Mexican Stock Exchange in 2018 and the second linked to a loan granted by a major United States bank.

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This is the first time in Mexico that a major payroll loan provider is replaced as a Primary Servicer, which marks the efficient transition that Hilco Global Mexico and Hilco Terracota can bring to complicated situations and the trust that they generate with issuers and borrowers, as well as bondholders and lenders in Mexico. Additionally, it proves how Hilco Global continues to apply its unique capabilities to bring and create value in special or complicated situations.

“Hilco Terracota is committed in protecting the interests of bondholders and lenders during the transition process as primary servicer, while at the same time helping the Company during its restructuring process to continue to generate cashflow, so that interests are aligned and our focus is now on collections and providing timely and accurate information,” said Samuel Suchowiecky CEO of Hilco Global Mexico.

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The appointments were designated by the Bondholders in the Holders’ meeting that took place in early September, and by the United States bank respectively.

“We consider these appointments to ratify our evolution into the most trusted and dependable servicers in Mexico, sought after by borrowers and issuers because of the trust our work generates.  We will continue to offer Primary, Master and Special Servicing, Servicing solutions to complement Hilco Global´s unique capabilities,” added Anthony McCarthy Deputy CEO of Hilco Global Mexico.

Hilco continues to expand its presence in Mexico while at the same time consolidating its experience and strength locally and globally.

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