MONTERREY, MEXICO — Gruma S.A.B. de C.V., the largest maker of corn flour for tortillas in Mexico, has obtained a temporary extension with banks to cover $726.6 million in derivative losses.
The deadline was extended to July 24 from July 22, and Gruma said it expects to seek a further extension in order to refinance 3,367 million pesos ($255 million) in existing loans and receive board approval.
The company reached agreement with Credit Suisse Group AG, Deutsche Bank AG and JPMorgan Chase & Co. on March 23 to borrow $668.3 million to repay currency derivatives. On June 30, Gruma said it expected to reach an agreement with the banks in July to avoid bankruptcy.