Mexico's Controladora Comercial's concurso proceeding approved

By Caroline Salls

Pittsburgh, Aug. 12 - Controladora Comercial Mexicana, SAB de CV's voluntary reorganization petition has been approved by the District Court for Civil Matters in Mexico City, according to a Thursday filing with the U.S. Bankruptcy Court for the Southern District of New York.

As previously reported, Controladora Comercial Mexicana made a Chapter 15 bankruptcy filing on July 16 in connection with its Mexican concurso proceeding.

The company has filed a pre-negotiated plan of reorganization in the Mexican case under which derivative counterparties have agreed to exchange their claims for a share of a distribution package, including a new term loan, a new asset-linked debt facility and new secured bonds.

Controladora Comercial Mexicana is a Mexico City-based retailer. The Chapter 15 case number is 10-13750.

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