Corporation Durango said it reached tentative agreement with 92% of its creditors that are owed $510 million and expects a final refinancing deal in eight weeks, company CFO Mayela Rincon told PPI Latin America this week.Durango, the largest paper and board producer in Mexico, filed for bankruptcy protection in Mexico and the USA in early October, after missing a $26 million payment, and citing high manufacturing costs, weakening US markets, and the higher peso. The company's total debt is $1.5 billion. In 2008, the firm generated almost $751 million in revenue, with 53% from packaging, mainly containerboard and corrugated boxes, and 47% from paper, mainly newsprint.
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