Mexico judge approves Comerci insolvency petition

MEXICO CITY Aug 9 (Reuters) - A Mexican judge has accepted the insolvency petition from Comercial Mexicana, a milestone in the Mexican retailer's efforts to restructure its debt, a source close to the process told Reuters on Monday.

The company, known as Comerci (COMEUBC.MX), submitted last month a prepackaged debt restructuring before a local court in a landmark test of the country's insolvency laws. It plans to repay creditors about $1.5 billion over eight years.

It also filed for Chapter 15 in New York.

Comerci has said it expects a Mexican judge to give the final approval to the restructuring by year's end after the court reviews thousands of Comerci papers, including loan documents extended by financial institutions in Mexico and abroad. (Reporting by Cyntia Barrera Diaz; editing by Andre Grenon)