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Tangerine Pomelo will miss interest payment on 10¼% notes due 2024
Chicago, Jan. 17 – Mexico’s Tangerine Pomelo Group, SAPI de CV (formerly known as Mexarrend, SAPI de CV) announced that it will not be making the $14.5 million interest payment due on Jan. 24 on its 10¼% senior notes due 2024, according to a press release.
Further, the company does not expect to make the payment during the 30-day cure period.
The company is prioritizing its cash use to address its liquidity constraints in the “challenging capital markets environment.”
The company also announced it will not be making principal payments or interest payments due Jan. 19 on its short-term publicly traded certificates, or during the 10-day cure period.
The company will initiate a dialogue with the certificate holders and its senior noteholders.
The company has hired Houlihan Lokey, Inc., Blink Capital Solutions, Cleary Gottlieb Steen & Hamilton LLP and Kuri Brena, Sanchez Ugarte y Aznar SC as its advisers.
Based in Mexico City, the issuer is a financial technology company in Latin America specializing in alternative credit.
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