CCM Reaches Agreement with Banks

Mexico’s Comercial Mexicana has reached an agreement with Mexican creditors to suspend legal proceedings until March 2. The troubled retailer is negotiating with creditors to restructure liabilities. The deal complements one reached with US creditors, also lasting through March 2. CCM defaulted on debt payments in October after losses in forex derivatives due to the global financial crisis, and faces counterparty claims of $2.2bn while recognizing only about $1.1bn. A Mexican court twice rejected the company’s request for protection from creditors while it pursues restructuring negotiations. Credit Suisse is advising CCM.