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.

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.

Mexican glassmaker Vitro, which has been struggling with high debt and falling sales, said it filed a restructuring plan with a local court, Reuters reported. The Monterrey-based company, which makes everything from beer bottles to perfume containers for international luxury brands, also said on Tuesday that it would seek protection from creditors under a Chapter 15 proceeding in U.S. courts once a Mexican judge approves its plan. Vitro's initiative calls for the restructuring of $1.5 billion of debt with a combination of new notes due 2019, convertible bonds and a cash payment.

Mexico's largest glass maker, Vitro SAB, said it intends to file a prepackaged restructuring plan under that country's bankruptcy law no later than next Thursday, Dow Jones Daily Bankruptcy Review reported. The company, which recently launched a plan to restructure some $1.2 billion in debt, said Wednesday it has the "requisite majority" of votes to proceed with a prepackaged plan under concurso mercantil, Mexico's equivalent of Chapter 11.

Vitro SAB responded to creditors attempting to push 15 of its U.S. units into bankruptcy, saying the four investment funds are attempting to "hijack" a reorganization process in Mexico that is already underway, Dow Jones Daily Bankruptcy Review reported. The Mexican glass maker's statement, filed Monday with the U.S. Bankruptcy Court in Fort Worth, Texas, comes nearly two weeks after the funds, which list claims of $75.6 million against Vitro, filed an involuntary Chapter 11 petition against the company in that court.

A Mexican court has approved the $1.54 billion pre-packaged debt restructuring of retailer Comercial Mexicana, which had the approval of 98% of creditors, the company said Wednesday, Dow Jones reported. Comercial Mexicana said in a press release that the ruling brings an end to its filing under the local equivalent of Chapter 11, and that it will proceed to carry out the agreements reached with creditors.

Compania Mexicana de Aviacion SA, Mexico’s biggest airline by passengers, won its request for bankruptcy protection from U.S. creditors, after disputes were resolved with a bank and a group of airports, Bloomberg reported. U.S. Bankruptcy Judge Martin Glenn in Manhattan court today approved Mexicana’s request for protection under Chapter 15 of the U.S. bankruptcy code. The ruling will help the 87-year-old company reorganize in its main bankruptcy in Mexico by giving it a legal shield from U.S. creditors.

Mexican glass maker Vitro SAB said Monday it has launched two offers--a proposed swap and partial buyback--of three series of defaulted notes for $1.22 billion as it seeks to restructure its debt, Dow Jones reported.In a filing with the Mexican stock exchange, Vitro said the offers are aimed as a step toward achieving a debt restructuring which would be carried out under the Mexican equivalent of Chapter 11. Vitro, which has seen several previous restructuring offers rejected by creditors, said its largest single creditor, Fintech Advisory Ltd., has agreed to support the latest proposal.

Vitro SAB offered to buy back or swap $1.2 billion in debt from bondholders as the company prepares to seek bankruptcy protection before the end of the year. The bonds jumped and shares climbed to the highest in more than two years, Bloomberg reported. Mexico’s largest glassmaker will file for bankruptcy in Mexico and under Chapter 15 in the U.S. within the next two months, Chief Restructuring Officer Claudio del Valle said in a conference call with reporters today. Debt holders may get as much as 73 cents on the dollar under the terms proposed today, the Monterrey-based company said.

Mexico's largest nonbank mortgage lender, Hipotecaria Su Casita, said Thursday that it missed principal and interest payments on local notes for a total of MXN730.7 million ($58.7 million), but added that negotiations continue with creditors on a restructuring, Dow Jones Daily Bankruptcy Review reported. Despite the defaults, "negotiations with holders of these notes and with the rest of Su Casita's creditors continue aimed at reaching an agreement for the financial restructuring of the company," Su Casita said.