Mexican supermarket group Comercial Mexicana is considering a debt for equity swap as part of discussions with its creditors. In October the retailer defaulted on its debt after being hit hard in the global downturn.

Comercial Mexicana has been attempting to strike a deal without selling key assets or giving up ownership of the business. According to sources, creditors – which include JP Morgan Chase and Barclays – claim to be owed more than $3bn (£1.89bn).