Comerci Agrees In Principal To Repayment Plan

Mexican retailer Comercial Mexicana (Comerci), which sought bankruptcy protection in November 2008, has announced that it has reached an agreement in principal with most of its key creditors. The company defaulted on its debts after getting caught out by its derivative positions when the Mexican peso plunged against the US dollar early on during the global financial crisis. Comerci's chances of continuing as a going concern now look better but it remains in protracted negotiations with some of its creditors, including JP Morgan Chase, which it partly blames for its

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