Mexico's Grupo Posadas has filed for chapter 11 protection in a U.S. court, the hotel chain said yesterday, after its business was hit by the global coronavirus pandemic, Reuters reported. The pre-packaged chapter 11, filed in the Southern District of New York, is expected to be complete in about 60 days, Posadas, one of Mexico's biggest hotel groups, said in a statement to the Mexican stock exchange. The debt restructuring, first announced two months ago, is part of Posadas's efforts to "maximize our financial flexibility and better manage the challenges related to COVID-19," chief executive Jose Carlos Azcarraga said in the statement. The company said its hotels will continue to operate without interruption.
