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Comerci's restructure plan eyes debt cut, guarantee

Thu May 28, 2009 12:54pm EDT

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MEXICO CITY, June 28 (Reuters) - Troubled Mexican retailer Comercial Mexicana offered to pay a $950 million chunk of debt over seven years and use noncore assets to guarantee another $500 million it owes, a source close to the talks told Reuters on Thursday.

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The latest proposal from the company, known as Comerci (COMEUBC.MX), was submitted to all its creditors last week. On Wednesday, the company won two more weeks, until June 10, to negotiate a restructure of its debt, which creditors say is more than $2 billion. (Reporting by Cyntia Barrera Diaz)

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