Nicaragua: Financial Entity in Default

Because Financia Capital S.A. does not have the funds available to meet its obligations, it was revoked the authorization to make a public offering of fixed income securities.

Monday, February 11, 2019

The Superintendence of Banks and Other Financial Institutions (Siboif) informed that its authorization was revoked because "... the representatives of the issuer Financia Capital S.A. informed that they will not proceed with the payment of the main maturities of the bonds programmed on February 8 and 10 of the current year, because of the lack of availability of funds to comply with their obligations; and consequently, investors will be summoned to present them with a payment plan for the totality of the securities in the public's power."

The Siboif decided to revoke "... the authorization granted to Financia Capital, S.A. to make a public offering of fixed income securities, registered under Registration Number 0405 and Resolution Number 0420 of December 6, 2016."

The Siboif resolution was issued on February 8.

See full Siboif resolution.

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