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Enero 2007


Mexico: Comerci files for bankruptcy
Publication: SABI - Business News
Provider: South American Business Information
October 17, 2008
Controladora Comercial Mexicana (Comerci) has decided not to pay a debt of Peso$400mil in stock-market certificates that fell due yesterday and has called on a court in Mexico’s Distrito Federal to declare the operation to bein Concurso Mercantil (bankruptcy proceedings). It is US$2bil in debt and requires time to organise debt-restructuring. Comerci could then think about ensuring long-term feasibility. Concurso Mercantil has only been called for by the Controladora and does not apply to its subsidiaries, the Comercial Mexicana chain, Restaurantes California, property operations and the filial Costco de Mexico, allstill operating normally. Cash-flow will be used to pay suppliers and to cover operating costs.


Mexico: Comerci restructuring boss exudes confidence
Publication: SABI - Business News
Provider: South American Business Information
October 16, 2008
The problems that have swept Comercial Mexicana to the brink of bankruptcy were let loose in just a week. The Mexican retail group has now setitself the goal of liquidating debts of US$2.09bil in a maximum of two years, according to Jose Calvillo, named Director de Reestructura at the group. The debts are split across almost all the big banks at work in Mexico and are guarantee-free; as such, Comerci was obliged to call for bankruptcy proceedings. Calvillo and his cohorts are convinced that the business is viable and that Comerci will beback on top in three years’ time. He says that jobs will not be cut and indeed personnel will be taken on to meet the restructuring plan. Comerci has also set up an Auditoria team which will review all the control mechanisms that failed the group up to and including the key week of September 26 to October 3.


Mexico: Retailer files for bankruptcy protection
Publication: Esmerk - Newsmonitoring
Provider: Esmerk
October 8, 2008
La Cronica De Hoy, 10 Oct 2008, Online:- One of Mexico's leading retailers, Comercial Mexicana, has filed for bankruptcy protection. The firm's shares had to be suspended after falling 43% in 24 hours. The company has been hit by the devaluation of Mexico's currency. This created losses of around US$ 2,000mn (EUR 1.48bn). Comercial Mexicana has guaranteedthat all its business will continue working as usual. © Esmerk
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Mexico: Comerci continues to appeal for bankruptcy protection
Publication: Esmerk - News monitoring
Provider: Esmerk
November 14, 2008
El Financiero, 14 Nov 2008, online:- Mexican retailer Controladora Comercial Mexicana (Comerci), has filed an appeal for the second time against a decision, by the Mexican first court of civilmatters, Juzgado Primero en Materia Civil del Distrito Federal, disallowing it from seeking bankruptcy protection. The court previously rejected the firm's attempts to file for bankruptcy protection, as it believed that it had enough cash flow and assets to pay off its USD 2bn (EUR 1.6bn) debt. Meanwhile, Comerci's creditors, Goldman Sachs Group, JP Morgan, Barclays, Merrill Lynch and Santanderhave each initiated legal proceedings against the company for having gambled with foreign financial derivatives, which led to its huge losses, in early October 2008. Local finance group Banamex is expected to follow suit in the coming days. © Esmerk


Mexico: Comerci could enter bankruptcy process by pressing on with convincing creditors
Publication: SABI - Business News
Provider: SouthAmerican Business Information
December 15, 2008
If Controladora Comercial Mexicana (Comerci) and at least 40% of its creditors can reach an out-of-court settlement regarding a restructuring and repayment of the Mexican retail group’s debt (of over US$3bil), a third application for an official Mexican bankruptcy process to be accepted could well prove successful, according to Javier Luis Navarro...