MEXICO CITY, Aug 12 (.) – Mexican retailer Grupo Famsa said on Wednesday that US authorities accepted its request for protection under Chapter 15 of the bankruptcy code, while it reaches an agreement with its creditors.
Last week, Famsa, which has defaulted on the payment of interest on several of its outstanding debt securities, also requested the protection of justice in Mexico under the figure of commercial bankruptcy.
Like other companies around the world, the Mexican retail sector has been seriously affected by the coronavirus epidemic.
The shares of Grupo Famsa, which operates a chain of department stores with a presence in Mexico and the United States, closed on Wednesday at 0.61 pesos on the local stock market, with a gain of 8.04%. (Report by Noé Torres, edited by Sharay Angulo)