On Tuesday, the titles of Unifin Financiera, which has not specified the amounts of its obligations at stake, closed at historical lows, with a collapse of 89%.
Unifin, which offers leasing, financial factoring, auto credit, insurance and fleet management, said it will meet its non-recourse private securitization obligations.
“We expect a widespread default encompassing all of the company’s financial obligations,” S&P said in a statement late Tuesday.
The company detailed in a statement on Monday night that the measure will be extended for as long as it requires negotiating with the claimants, during which time, it added, it will continue to comply with the payment of obligations under private securitization structures.
Unifin also said that it “intends” to negotiate standby agreements with its creditors that will allow it to implement the restructuring, negotiate and finalize potential financing, refinancing, investment and capitalization operations.
With information from Reuters
