Nov 21, 20211 min
Updated: Nov 22, 2021
Reuters - October 26, 2021 - The ever-dreaded word in the meetings and events industry, "bankruptcy". Mexico's Grupo Posadas (POSADASA.MX) has filed for Chapter 11 bankruptcy protection in a U.S. court, the hotel chain said on Tuesday, after its business was hit by the global coronavirus pandemic.
The "pre-agreed restructuring procedure" of 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.