Modified Reorganization Plan and Disclosure Statement Approved for Grupo Posadas, S.A.B. de C.V.
December 09, 2021 at 10:30 am IST
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The US Bankruptcy Court approved the joint pre-packaged modified plan of reorganization and disclosure statement of Grupo Posadas, S.A.B. de C.V. on December 9, 2021. The debtor has filed its modified plan in the Court on November 30, 2021. As per the plan filed, administrative claims, professional claims, priority tax claims and other priority claims will be paid full in cash. Secured claims will be paid either through cash in an amount equal to such claim or the property of the debtors that constitutes collateral securing such claim or reinstatement of the legal, equitable and contractual rights of such holder. Existing Notes Claims of $392.61 million plus the aggregate amount of any accrued and unpaid interest on the respective series of notes through the petition date will be paid through cash and new notes issued. General unsecured claims will either be reinstated or paid full in cash. Intercompany claims and equity interests will be reinstated. The plan will be funded through cash in hand, sale of assets and issuance of New notes.
Grupo Posadas SAB de CV is a Mexico-based company engaged in the hospitality industry. The Company focuses on the construction, acquisition, leasing, promotion and management of hotels. Its activities are divided into five business segments: Hotels, which operates a network of hotels under Live Aqua, Fiesta Americana, Fiesta Inn, Gamma, The Exploration and One brand name, among others; Holiday Club, which manages a network of vacation resorts under various brand names, such as Fiesta Americana Vacation Club, Kivac and Live Aqua Residence Club; Hotels administration, which offers brand names and properties leasing, as well as hotel administration for third parties, among others; Corporate, which comprises operations within group entities, and Sale of real estate, which includes disposal of non-core real estate assets. The Company operates through Inmobiliaria Hotelera Posadas SA de CV, Posadas de Mexico SA de CV, Hotel Condesa del Mar SA and Porto Ixtapa SA de CV, among others.