Mexican Retailer Famsa Files Pre-Packaged Bankruptcy in New York

Mexican retailer Grupo Famsa SA filed for bankruptcy Friday after creditors approved a plan to restructure some $60 million of defaulted bonds.

The Monterrey-based furniture and appliance dealer, with stores in Mexico and the U.S. as well as a financing arm, said it will use the Chapter 11 process solely for bonds that matured June 1. It intends to keep operating and paying other credits and stay current with suppliers, Chief Executive Officer Humberto Garza Valdez said in a statement.

“This gives us the ability to move ahead with the refinancing of the 2020 bonds and continue with our ...