Nov. 13 (Bloomberg) -- Controladora Comercial Mexicana SAB rose the most in two months on a report the operator of Costco Wholesale Corp. stores in Mexico has reached an agreement with creditors as part of a debt restructuring.

Comerci, as the company the defaulted on debt in October 2008 is known, jumped 10 percent to 11.24 pesos, the biggest gain since Aug. 28. The rise was the steepest in the benchmark Bolsa index, which added 0.8 percent.

The Mexico City-based company reached an agreement with “practically” all of its creditors, including bondholders and those who are owed money from derivatives, Reuters reported, citing the company’s lawyer Salvador Rocha. An announcement may be made at the end of this month, Reuters said.

Rocha declined to comment to Bloomberg.

Comerci said Sept. 15 it proposed to its creditors the issuance of more than 19 billion pesos ($1.5 billion) in new debt as part of a restructuring. The company defaulted on its debt after failing to raise cash to meet margin calls on losses on financial derivatives related to the Mexican peso.

“We’re seeing the impact of the news on an agreement with bondholders on the shares,” Gaspar Quijano, an analyst with Vector Casa de Bolsa in Mexico City, said by telephone. “Every time there’s a new development it has a large impact on the company’s shares.”

The company said the share movement is due to “market conditions,” in an e-mail to Mexico’s stock exchange.

To contact the reporter on this story: Veronica Navarro Espinosa in New York at vespinosa@bloomberg.netTal Barak Harif at tbarak@bloomberg.net

Last Updated: November 13, 2009 16:44 EST