U.S. Judge Approves Comercial Mexicana Exit from Chapter 15

Judge Stuart M. Bernstein on Wednesday approved Comercial Mexicana's exit from chapter 15 protection in the U.S., the final step in the Mexican supermarket chain's restructuring of $1.54 billion in debt, Dow Jones Daily Bankruptcy Review reported on Friday. The order brings an end to Comercial Mexicana's U.S. bankruptcy case, which was filed after the supermarket chain sought protection under Mexico's equivalent of chapter 11. At the time, Fernando del Castillo Elorza, Mexico Comercial's foreign counsel, said in court papers that the company sought an injunction to block would-be dissident bondholders from throwing a wrench in the company's restructuring. Comercial Mexicana defaulted on its debt in October 2008 after racking up heavy losses on foreign-exchange derivatives during the global financial crisis.