MEXICO CITY Dec 22 A New York state
judge has approved a debt restructuring deal between
retailer Comercial Mexicana and its creditors, the company
said on Wednesday in a filing with the Mexican stock exchange.
Comerci defaulted on its obligations in late
2008 following heavy losses on currency derivatives bets,
triggering a bitter battle with its creditors.
The supermarket operator's plan to repay creditors about
$1.5 billion over eight years was approved by a Mexican court
in late November. [ID:nN24249180]
Comerci also filed for Chapter 15 bankruptcy protection in
the United States.
Comerci suffered more than $2 billion of losses at the
height of the financial crisis in 2008 when its bets on
Mexico's peso soured.
(Reporting by Daniel Fineren; Editing by Muralikumar
(+52 55 5282 7153))