SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16
OR 15D-16 OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of February, 2005
Durango Corporation
(f/k/a Grupo Industrial Durango, S.A. de C.V.)
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(Translation of registrant's name into English)
Torre Corporativa Durango, Potasio 150, Cuidad Industrial,
Durango, Durango, Mexico
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(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F. Form 20-F [x] Form 40-F
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act
of 1934. Yes No [x]
If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82-_____________.
DURANGO PLAN OF REORGANIZATION APPROVED BY MEXICAN COURT
Durango, Dgo., Mexico, February 8th, 2005 - Corporacion Durango,
S.A. de C.V. (BMV: CODUSA) (the Company or Corporacion Durango),
the largest papermaker in Mexico, today announced that the First
Federal District Court in Durango, Mexico has approved the Companys
plan of reorganization and declared the termination of its Concurso
Mercantil proceeding.
As it was announced before, Corporacion Durango decided to take advantage
of the new Mexican legislation, Concurso Mercantil, as the most efficient
way to formalize a prepackaged agreement with the purpose of extend it
to all the minority creditors that had not the opportunity to be part
of a general agreement.
Through its recapitalization, the Company will have a competitive capital
structure as well as greater financial flexibility. Miguel Rincon, Chairman
of Corporacion Durango, commented "We are gratified that our lenders showed
confidence in our business plan and have worked with the Company in
effecting a successful financial reengineering".
This efficient financial reengineering substantially strengthens the
reputation of Corporacion Durango in the international financial markets
and confirm the reliability of the new commerce legislation in Mexico.
The execution of the closing documentation is expected to occur within
the next few weeks and at such time a new press release will be issued
by the Company.
Special Note Regarding Forward-Looking Statements
This press release contains statements that are forward-looking within
the meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. Such forward-looking
statements are only predictions and are not guarantees of future
performance. Investors are cautioned that any such forward-looking
statements are and will be, as the case may be, subject to many risks,
uncertainties and factors relating to the operations and business
environments of Corporacion Durango and its subsidiaries that may cause
the actual results of the companies to be materially different from
any future results expressed or implied in such forward-looking
statements.
Factors that could cause actual results to differ materially from
these forward-looking statements include, but are not limited to,
the following: the ability of Corporacion Durango and its subsidiaries
to continue as going concerns; their ability to obtain and maintain
normal terms with vendors and service providers; their ability to
maintain contracts that are critical to their operations; their ability
to fund and execute their business plan; their ability to attract,
motivate and/or retain key executives and associates; and their ability
to attract and retain customers.
Additionally, other factors should be considered in connection with
any Forward Looking Statements, including other risks and uncertainties
set forth from time to time in Corporacion Durangos reports filed with
the United States Securities and Exchange Commission. Although
Corporacion Durango believes that the expectations and assumptions
reflected in the forward-looking statements are reasonable based on
information currently available to its management, Corporacion
Durango cannot guarantee future results or events. Corporacion Durango
expressly disclaims a duty to update any of the forward-looking statement.
CONTACTS
Corporacion Durango, S.A. de C.V.
Mayela R. Velasco Gabriel Villegas S.
+52 (618) 829 1008 +52 (55) 5488 0381
mrinconv@corpdgo.com.mx gvillegas@corpdgo.com.mx
Miguel Antonio R.
+52 (618) 814 1658
rinconma@corpdgo.com.mx
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized. CORPORACION DURANGO, S.A. DE C.V.
Date: February 8, 2005 By /s/ Mayela Rincon de Velasco
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Name: Mayela Rincon de Velasco
Title: Chief Financial Officer