Credivalores - Crediservicios S.A., a Colombian non-bank financial institution founded in 1999 and specializing in payroll deduction consumer loans under the Tucredito brand, filed a prepackaged Chapter 11 petition on May 16, 2024 in the Southern District of New York (Case No. 24-10837) before Judge David S. Jones. The filing sought to implement an exchange of $210.8 million in 8.875% senior unsecured notes due 2025 for new senior secured step-up notes due 2029, secured by Tucredito receivables. Financial distress was driven by an FX mismatch between USD-denominated debt and Colombian peso revenues, a $9.4 million withheld interest payment in February 2024, and a subsequent Fitch downgrade to CCC-. The exchange offer, launched in March 2024, received support from 81.25% by number and 96.09% by principal amount of voting noteholders in the sole impaired class. The court confirmed the amended prepackaged plan on July 3, 2024, with $165.1 million in new notes issued at 11% interest (stepping to 12% from 2027), reducing funded debt by approximately $55 million (25%). However, the plan never went effective. A parallel Colombian reorganization under Law 1116 created complications, and by May 2025 the U.S. Trustee moved to convert the case, citing failure to consummate the plan and $140,109 in unpaid quarterly fees. The court converted the case to Chapter 7 on July 7, 2025, and Salvatore LaMonica was appointed as interim trustee.