| Mexican Homebuilder Geo Files for Bankruptcy Ben Bain and Jonathan Levin - Bloomberg | |
| go to original March 26, 2014 |
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Corp. Geo SAB filed for bankruptcy, making it the first Mexican homebuilder to seek protection from creditors after the industry collapsed last year amid a shift in government subsidies.
The company said it reached agreement for a prepackaged bankruptcy with a majority of creditors, including six banks and a group of bond investors, Geo said today in a filing. The banks in the agreement include Citigroup Inc. (C)’s Banamex unit, HSBC Holdings Plc, Grupo Financiero Banorte SAB, Grupo Financiero Santander Mexico SAB, Grupo Financiero Inbursa SAB and Banco Bilbao Vizcaya Argentaria SA’s Bancomer unit. The statement didn’t name the bond investors.
Read the rest at Bloomberg
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