Mexico’s troubled Credito Real says board has resigned

MEXICO CITY, June 17 (Reuters) – Mexico’s Credito Real said on Friday its board has resigned, the latest dramatic development for the troubled payroll lender after it cut ties this month with restructuring and legal advisers.

Credito Real, reeling after a bond default, had said last week it was continuing to aim for an orderly restructuring process. According to the Wall Street Journal which cited people familiar with the matter, the company had, however, scrapped plans to file for bankruptcy protection in the United States that the advisers had been preparing.

The company also said on Friday that founder Angel Francisco Romanos has resigned as chairman but plans to stay on as an adviser, it said. The board consisted of Romanos and 12 other members.

This week the company also announced the resignation of Chief Financial Officer Noe Reza Gomez, who was replaced by Felipe Guelfi Regules, currently also the company’s interim chief executive officer and chief technology officer.

Former CEO Carlos Ochoa Valdes departed in April.

Credito Real in February defaulted on 170 million Swiss franc ($183 million) bond, triggering a debt restructuring process. Its meeting with creditors in March failed to reach an agreement due to the lack of a quorum.

(Reporting by Carolina Pulice; Editing by Edwina Gibbs)