CCM to Try Again for Bankruptcy

Mexico’s CCM has filed a third motion for bankruptcy protection in Mexico, after two previous requests were rejected by the courts. After reviewing alternatives, the retailer still believes that “concurso mercantil,” the Mexican equivalent of Chapter11, is the best way of renegotiating $2bn in unsecured debt. CCM defaulted last month after reporting a $1.1bn negative derivatives position. It obtained MXN3.3bn in credit from government development bank Nafin last week to keep operating during the debt-negotiation process.