Mexico City, Dec 2 - Troubled Mexican retailer Comercial Mexicana will present a debt restructuring plan on Tuesday in a bid to settle with creditors and keep afloat the country's No. 3 supermarket chain.
"There is the best intention to restructure debt, to meet our obligations," Salvador Rocha Diaz, the legal representative of the company, told Reuters late Monday ahead of the scheduled first meeting with multiple creditors in Mexico City.
After two failed attempts to obtain protection from creditors in the courts, Comerci will now seek to reach an agreement outside the courts, Rocha Diaz said.
The retailer, known as Comerci, ran into trouble in October when the global credit crisis and a plummeting peso triggered massive losses in its derivative positions, ballooning its debt to $2 billion.
Comerci has failed to make payments on local notes held by some 1,000 investors, as well as money loaned by six banks to back up its derivatives trading. Creditors also include five banks that extended loans and bond holders.
A source close to the negotiations told Reuters that Comerci will make a first presentation on Tuesday, and a second group of creditors will listen to the company's proposal on Wednesday.
Credit Suisse is Comerci's financial adviser.
Comerci shares rose 11.84 percent in early dealings to 3.59 pesos.