Mexican Retailer Grupo Famsa Seeks To Exit Ch. 11 In August

Law360 (June 30, 2020, 4:44 PM EDT) -- Mexican retail chain Grupo Famsa told a New York bankruptcy judge Tuesday it already has a nearly 99% vote in favor of its prepackaged plan to swap out $59 million in notes for longer-term ones, and that it hopes to emerge from Chapter 11 by the middle of August.

At a remote hearing, counsel for Grupo Famsa told U.S. Bankruptcy Judge Shelley Chapman that it had entered Chapter 11 as a way to refinance the debt after the economic uncertainty of the COVID-19 pandemic scuttled a pending out-of-court deal.

"We have attempted to be very laser-focused on what this Chapter 11...

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