Comerci Extends Standstill Period

Mexico’s Comerci has reached an agreement with four creditors to extend a standstill agreement past March 2 to March 23. Barclays, Goldman Sachs, JPMorgan and Merrill Lynch have filed to sue the retailer in US court, but agreed in late January not to pursue their demands while Comerci restructures debt. Comerci says it continues negotiating with creditors, without offering additional detail. The retailer filed for bankruptcy last year following a derivatives-induced cash squeeze that left the company with no resources to meet debt obligations. It is advised by Rothschild and Credit Suisse.