UPDATE 1-Comercial Mexicana shareholders OK restructuring

* Comerci moves ahead with restructuring

* Readies pre-pack restructuring, first for listed co. (Adds background on insolvency cases, updates quote)

MEXICO CITY, June 14 (Reuters) - Mexican retailer Comercial Mexicana said on Monday that its shareholders have approved a plan to restructure its debt, moving a step closer to the end of a lengthy battle with creditors.

The company, known by analysts as Comerci (COMEUBC.MX), is Mexico's No. 3 supermarket operator and defaulted on its obligations after its derivatives bets on the peso soured at the height of the financial crisis in late 2008.

Last month, the company, which is controlled by insiders, reached a deal with creditors to pay back around $1.5 billion over seven years. Creditors had originally demanded more than $2 billion.

The shareholders' vote was crucial for Comerci to move ahead with a prepackaged credit court proceeding in a landmark test of Mexico's insolvency laws. Its plan will be presented in the United States as well, under Chapter 15 of the U.S. bankruptcy code.

Comerci could become the first listed company to file a pre-pack debt restructuring in Mexico, taking advantage of 2007 reforms to the country's insolvency law and opening the way for other troubled companies.

Mexico's insolvency law, called "Concurso Mercantil," is just 10 years old. Companies and lenders are still wary of using it given concerns about transparency and a lack of precedent for many complex situations, and they often opt instead to spend years in out-of-court negotiations.

Comerci could be ready to present all papers to the court next week. Its shares rose 1.36 percent to 11.90 pesos in early trading on Monday. (Reporting by Cyntia Barrera Diaz, editing by Gerald E. McCormick and Maureen Bavdek)