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U.S. judge OKs Mexico's Comerci debt plan
December 23, 2010 / 3:22 AM / 7 years ago

U.S. judge OKs Mexico's Comerci debt plan

MEXICO CITY, Dec 22 (Reuters) - 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 Anantharaman) (+52 55 5282 7153))

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