© Reuters.

MEXICO CITY (Reuters) – A commercial court recognized the dissolution of Mexico’s Credito Real and ordered its judicial liquidation, the troubled payroll lender said in a filing on Thursday.

Credito Real, reeling from a bond default, said in June it was aiming for an orderly restructuring of its debt.

Mexico’s stock exchange suspended the firm’s listing last month after the company struggled to meet its financial obligations.

Shares in Credito Real fell more than 95% between January 2022 and its suspension.

The company’s board resigned in June after it cut ties with restructuring and legal advisors.

Credito Real in February defaulted on a 170 million Swiss franc ($183 million) bond, prompting credit rating cuts by S&P and Fitch Ratings and a debt restructuring process.

The company did not respond immediately to a request for comment.

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