Comerci shares drop after Reuters reports on new offer

Shares of troubled retailer Comercial Mexicana plunged as much as 14 percent on June 4 after Reuters spotted new details of its latest debt restructuring offer to creditors, which included an instrument convertible into stock, buried in a pile of mostly old information the company released after its annual shareholders meeting. Reuters was also first to report that despite Comerci’s deep financial trouble, shareholders decided to keep nearly all of the company’s board members, who were released of any wrongdoing in the derivatives trades that led the company to default in October. Bloomberg, Dow Jones, Mexico’s state news agency Notimex and local daily El Universal unsuccessfully tried to match the story. Barclays Capital quoted our story in a note to clients.