U.S. franchise operator CKE has announced that licensee Ricardo Cardenas has opened the franchise’s 100th Carl’s Jr. restaurant in Mexico, according to a Business Wire press release.

Mexican tortilla and cornflour maker Gruma, S.A.B. (NYSE: GMK) said that the mark-to-market value of its exchange rate derivatives positions was a negative US$684 million as of Oct. 8, according to a Dow Jones report.

Responding to a request by the Mexican stock exchange for information on its financial position, Gruma said most of the maturities on its derivatives are in 2009, 2010 and 2011.

With respect to Gruma’s exchange rate derivative liabilities in 2008, a November 13, 2008 Sentido Comun report said that the company had obtained a credit line from an undisclosed lender that it will use to close out its derivative positions requiring payments this year. It appears that the company’s 2008 derivative liabilities are the result of margin calls made by the contracting counterparty following the sharp depreciation of the peso in recent months. Without the credit line, the report said Gruma would have been required to pay US$276 million on November 25, 2008 to the counterparty. Gruma did not reveal the name of the counterparty or the financial institution that had brokered its purchase of exchange rate derivative contracts; it may be speculated, however, that they are major Wall Street firms.

The peso’s depreciation has caused a number of major Mexican companies to generate mark-to-market losses in their derivatives positions and engendered extraordinary demand for dollars that sent the peso to record lows and prompted Mexico’s central bank to sell $8.9 billion in the exchange market.

Gruma owns a 9% interest in Grupo Financiero Banorte, the fifth largest bank in Mexico. Gruma said it was exploring financing alternatives to settle its obligations relating to its derivatives with maturities in 2009, 2010, and 2011, which are not currently subject to margin calls.

JP Morgan Chase has sued iconic Mexican supermarket operator Controladora Comercial Mexicana (CCM) (MXK: COMERCIUBC) in a New York state court alleging breach of its obligation to maintain collateral in its exchange-rate derivative transactions, according to a Sentidocomun.com report, which cited a Bloomberg report.

The lawsuit seeks US$477.5 million from CCM.  CCM said that it had been notified of the lawsuit and that it expected to be the subject of similar actions in the next few days in the wake of its October 9, 2008 petition filed with a Mexico City bankruptcy court seeking creditor protection (concurso mercantil).  The report said that Barclays, Goldman Sachs Group, and Merrill Lynch had filed similar lawsuits against CCM.

As Mexico Law Blog reported on October 27 and 29, 2008, CCM’s October 9, 2008 bankruptcy filing was rejected by the Mexican bankruptcy court for undisclosed reasons; following the rejection, the company announced plans to immediately file a new petition, which it did on October 28 or 29, 2008.  No news has been issued confirming the acceptance or rejection by the Mexican bankruptcy court of the company’s new petition.

In October 2008, CCM’s debt inflated to US$2 billion following huge losses on exchange-rate derivative bets against the dollar, according to a Reuters report.  CCM said in late October that it had obtained loans worth up to MX$3.327 billion to continue paying suppliers.  One of the loans, for up to MX$3 billion, is guaranteed by Mexican development bank Nacional Financiera (NAFIN).

Wal-Mart de Mexico, S.A.B. de C.V. (ADR OTC: WMMVY) has frozen prices on more than 500 basic products that are private label Wal-Mart brands, as well as the cost of tortillas (to MX$5.05 pesos per kilogram), in all Wal-Mart Super Centers in Mexico, according to an Excelsior.com report.  The price freeze will remain in effect until December 31, 2008.

The twelvth annual Expo Internacional Naturista natural products trade show will be held February 13-15, 2009 at the World Trade Center Mexico City.  The event is organized by Mexico’s National Association for the Natural Products Industry (ANIPRON).  More information is available from the U.S. Commercial Service and in its recent report on the industry.

Controladora Comercial Mexicana (MXK: COMERCIUBC) (frequently called La Comer in Mexico) filed a new petition for bankruptcy protection (concurso mercantil) under Mexican law after the court rejected its first petition, which was filed on October 9, 2008, according to a report in El Economista. 

The company said in the report that it is invoking its rights under the Mexico’s Business Reorganization Law (Ley de Concursos Mercantiles) and has therefore suspended the payment of all of its financial obligations. 

It is not clear why Comercial Mexicana’s original bankruptcy petition was rejected, but it is possible that the rejection was based on a technicality and that the court will accept the company’s new petition.  Article 20 of the Business Reorganization Law contains the specific requirements that a petition for bankruptcy protection must contain under the statute, which include, among other things, the audited financial statements of the petitioner for the three years preceding the filing of the petition, a list of creditors and debtors of the petitioner and their names and addresses, the maturities of all debts of the petitioner, and an inventory of all assets of the petitioner.

A Mexico City judge rejected the petition of Mexico’s third-largest retailer Controladora Comercial Mexicana (CCM) for bankruptcy protection (concurso mercantil), which would have allowed it to renegotiate the terms of its debt with creditors, according to a report in El Economista.

The report said CCM will file a new petition in the next few hours.

Mexican retailer Coppel, S.A. de C.V. (MXK: ALMACO) and cement holding company Cemex, S.A.B. de C.V. (NYSE: CX) announced last week that they have placed short-term debt backed by government guarantees issued by Mexican development banks Bancomext (Banco Nacional de Comercio Exterior) and Nacional Financiera, according to a Guardian report.

The guarantees have enabled the companies to roll over commercial paper amid the turmoil in the credit markets. 

The report also said that Monterrey-based supermarket chain, Organizacion Soriana, S.A. de C.V. (MXK: SORIANB), had recently been downgraded by Moody’s on concerns it depends too much on commercial paper.  In addition to its Soriana and other branded multi-format stores, Soriana indirectly controls Gigante, S.A. de C.V., which operates 198 stores in Mexico and the U.S. under the Gigante, Bodega Gigange, and Super G brands.

Morton’s Restaurant Group (NYSE: MRT), the world’s largest owner and operator of upscale restaurants, announced that it will open its first Morton’s steakhouse in Mexico City in 2009 in connection with a group of Mexican investors, according to an October 13, 2008 report in El Financiero.

The steakhouse, which will have a capacity of 255 persons, will be located in the affluent Lomas de Chapultapec neighborhood on an undisclosed street near hotels, high-end shops, and embassies. 

Morton’s operates steakhouses in 68 cities in the U.S. and Puerto Rico, as well as five international restaurants in Hong Kong, Macao, Singapore, Toronto, and Van

Mexico’s third largest retail store operator, Controladora Comercial Mexicana (CCM), filed a petition for bankruptcy protection (Concurso Mercantil) with the Federal District (Mexico City) Court on October 9, 2008, in an effort to restructure its obligations with creditors, according to a report in El Financiero. 

A Concurso Mercantil is based on the Ley de Concursos Mercantiles (the “LCM”) enacted in May 2000, which provides for two different and separate proceedings: conciliation and liquidation (quiebra).  The initial conciliation phase lasts up to 185 days and is subject to extension for two 90-day periods, subject to certain conditions. The objective of the conciliation phase is to reach a restructuring agreement (Convenio Concursal) between the debtor and its creditors. Such an agreement (Convenio Concursal), among a debtor and its creditors, if approved by the Court, has the effect of ending the Concurso Mercantil; the LCM provides for specific creditor voting rules and, subject to certain conditions, dissenting unsecured creditors are bound by a Court approved agreement. If the debtor does not reach an agreement with its creditors within the statutory time period, the debtor is put into liquidation (quiebra) during which phase the debtor’s assets are liquidated.

The Concurso Mercantil petition filed by CCM does not encompass CCM’s subsidiaries, which include Comercial Mexicana, Restaurantes California, CostCo de Mexico, and certain real estate companies.  CCM also operates City Market, Provecomer, and La Comer en tu Casa retail operations in Mexico, among others.  It is not clear whether those latter operations are included in the bankruptcy proceeding.

Credit Suisse Mexico is assisting CCM with is restructuring plan.  CCM has announced that it is seeking financing to continue operations.