Gruma Extends Workout Again

Mexico’s Gruma has agreed with creditors to extend until September 21 the deadline for completing a deal to turn $727m in derivatives losses into loans. The extension is the second for the tortilla maker, which says it remains in negotiations with creditors. It agreed in July to convert $727m in FX derivatives losses into 3.0-year and 7.5-year loans. Goldman Sachs is advising Gruma.