UPDATE 1-Mexico's Comerci fined for derivatives trades

(Releads with regulators, adds restructuring, quote)

MEXICO CITY Nov 23 (Reuters) - Mexico's market regulator said on Monday it fined Comercial Mexicana $3.8 million for not fully revealing hefty derivatives trades that led the retailer to default on its debt.

It was the only known fine to date involving complex derivatives trades that pushed several Mexican companies into deep financial trouble in late 2008 during the global credit crisis.

The company, known as Comerci (COMEUBC.MX), said it paid only 39.2 million pesos of the original fine of 49 million pesos after receiving a discount for quick payment.

Mexico's No. 3 retailer defaulted on its debt in October 2008 after its derivatives bets soured amid a slump in the peso MEX01 MNX=. Since then it has been in restructuring talks with creditors, ranging from big foreign banks to retirees.

Comerci has offered to pay back $1.535 billion to all creditors, in a mix of cash from ongoing operations, notes guaranteed with assets, and convertible bonds.

Regulators determined that neither the company nor its executives acted in bad faith.

Comerci shares rose 2.31 percent to 11.09 pesos in afternoon trading on Monday. ($1 = 13 pesos) (Reporting by Cyntia Barrera Diaz; Editing Bernard Orr) ((cyntia.barrera@thomsonreuters.com: +52 55 5282 7153; Reuters Messaging: cyntia.barrera.reuters.com@reuters.net))