BBVA’s Mexican subsidiary has commenced the seizure of assets of struggling Mexican supermarket operator Controladora Comercial Mexicana (CCM) (MXK: COMERCIUBC) valued at approximately US$100 million, according to a report in La Jornada.

After two failed attempts to obtain protection from its creditors in Mexican courts, Comercial Mexicana is now trying to negotiate an out-of-court settlement. Comercial Mexicana has not obtained a declaration of commercial competition by the relevant judicial body, so it must confront each of the creditors’ demands for payment.

As we discussed in a November post, JP Morgan Chase, Barclays Bank, and a few other major banks have filed lawsuits in New York state courts against Comercial Mexicana alleging breach of certain exchange-rate and other derivatives contracts. Those banks may also wish to investigate the Mexican remedies, if any, are that are available to them under those contracts because any U.S. judgment obtained against Comercial Mexicana would require enforcement in Mexican courts, which is a protracted process.