Financial Company in Panama Declared Bankrupt

After a failed attempt at restructuring, the process that began in September 2014 with the cessation of payments by the financial company La Generosa today ended with a judicial declaration of financial bankruptcy.

Friday, August 19, 2016 explains that "...The measure involves the seizure of all assets belonging to the company, the appointment of a executor and José Luis Ford being banned from leaving his home where the bankruptcy was finalised, which is effectively an impediment to him leaving the country. "

"... La Generosa owes about $20 million to investors who sold bonds and securities to finance its operations. Now, creditors have until Aug. 23 to register their debts and become part of the masses claiming repayment of their debts. "

See press release from the Superintendency of the Securities Market. (In Spanish)

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