U.S. Judge Approves Mexico's Comerci Debt Plan

A New York State Judge has approved a debt restructuring deal between retailer Comercial Mexicana and its creditors, the company said yesterday in a filing with the Mexican stock exchange, Reuters reported yesterday. 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. 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. Read more.