Prepackaged Reorganization Plan & Disclosure Statment Filed by Grupo Famsa, S.A.B. de C.V.
June 26, 2020 at 12:00 am EDT
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Grupo Famsa, S.A.B. de C.V. filed a pre-packaged plan of reorganization with related disclosure statement in the US Bankruptcy Court on June 26, 2020. As per the plan filed, administrative claims, professional claims, priority tax claims, other priority claims, statutory fees and trustee expenses, shall paid in full in cash. 2024 notes claims, BBVA claim of $9.21 million (Mex$210 million), Bancomext claim of $159.43 million (Mex$3634 million), Banco Multiva claim, Intercam claim of $6.58 million (Mex$150 million), short term notes claim, intercompany claims, interests and intercompany interest, shall be reinstated. General unsecured claims shall be reinstated and paid on the later to occur of the effective date or when such claim becomes due in the ordinary course of business. Other secured claims shall be reinstated or shall receive cash in an amount equal to such claim. 2020 notes claims shall be recovered 101% and shall receive its pro rata share of new notes distribution. The plan shall be funded through cash and issuance of new notes.
Grupo Famsa SAB de CV is a Mexico-based holding company primarily engaged in retail sector. The Company owns and operates a network of Famsa Mexico department stores located in Mexican cities, as well as Famsa USA stores established in the United States. Via its retail network, the Company is active in the import, distribution and sale of household appliances, furniture and consumer electronics, among others. Through Banco Ahorro Famsa SA Institucion de Banca Multiple, the Company is also involved in the provision of a variety of banking and sales financing services to its retail customers.
GRUPO FAMSA, S.A.B. DE C.V. 
