12 Dec . . . and Durango Gains Recognition
Corporation Durango S.A.B. de C.V. gained recognition for its Mexican concurso proceeding in a ruling issued yesterday (11 December) by Judge Robert Drain of New York’s Southern District. The concurso, which is the paper goods manufacturer’s second, was initiated in part by spiking energy prices earlier in the year. The ancillary proceeding was commenced to prevent litigation by the company’s US-based noteholders. Papers filed before Judge Drain the day prior to issuance of the recognition order indicate that the noteholders are presently in discussions with Durango and, therefore, acquiesce in the terms of the recognition order with a reservation of rights to seek further relief. A copy of the recognition order is available here.