Mexico's Metrofinanciera filed for a prepackaged bankruptcy with a court in Monterrey, Mexico, in mid-August and is waiting for approval. The originator has stopped making payment on a range of obligations.

Where the bridge loan ABS investors fit into the restructuring remains unclear and is further complicated by the fact that there was never a rectification of the company's systematic diversion of funds away from the ABS trusts during 2007 and 2008.

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