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The court closed five Alpha affiliate cases effective March 31, 2023: AlphaCredit Sudamérica, Acsa Atento, Vive Créditos Kusida, AlphaDebit, and Alpha Capital. The lead Alpha Latam Management case and AlphaCredit Latam remain open pending further order, and future filings for all debtors must run through the lead case, according to the order closing certain debtor cases.
The closure is administrative, not a wind-down of all estate activity. The order preserves rights of the debtors, the Liquidating Trust, the Alpha Noteholder Claims Trust, and other parties with standing to prosecute or resolve preserved estate and noteholder claims. It also leaves post-confirmation reporting and U.S. Trustee fee obligations with the Liquidating Trust. The March 31 hearing was cancelled because the closure order had already resolved the pending final-decree motion, so professionals should now track remaining litigation, claims, reporting, and fee matters through the two open post-effective-date cases rather than the five closed affiliate dockets.
Alpha Latam Management and six affiliates entered chapter 11 in Delaware on August 1, 2021 after accounting errors involving derivatives, loan-loss allowances and other reporting items triggered defaults, cut off capital access and forced the company to stop new originations. The debtors described a Latin American lending platform with 262 Colombian employees, approximately $768.4 million of third-party financial debt, including $700 million of senior notes, and a restructuring path built around a $45 million DIP facility and sale or monetization of Colombian assets source filing.
The court confirmed the Third Amended Plan on March 16, 2022, locking in a liquidating structure rather than an operating reorganization source filing. The plan pays DIP, administrative, priority and secured claims in full or otherwise unimpaired, while Other Unsecured Claims, Notes Claims, Funded Debt Claims and Credit Suisse Claims share pro rata in Liquidating Trust assets; equity is cancelled with no distribution source filing. The confirmed plan fixes the note claim base at roughly $318.9 million for the 2022 notes and $417.3 million for the 2025 notes, transfers preserved estate and noteholder claims into the trust, and shifts the case focus to claim reconciliation, asset monetization and creditor distributions source filing.
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