Mexico Homebuilder Urbi Files for Bankruptcy Gabriela Lopez and Elinor Comlay - Reuters
go to original December 5, 2014

Mexican homebuilder Urbi has filed for bankruptcy protection to restructure its debt, the company said this week.

The creditors which have so far signed the restructuring plan held some 21.9 billion pesos ($1.55 billion) in debt, equivalent to around 53.3 percent of the total claims on Urbi, the company said in a statement.

Urbi, Mexico's third-largest homebuilder in recent years, is following its bigger peers after struggling under heavy debt loads and slumping sales of their cheap, single-unit homes in developments often located far from urban centers.

...Homex and Geo, formerly Mexico's No. 2 and No. 1 homebuilders respectively, filed for bankruptcy protection earlier this year.

Read the whole article at Reuters

We invite you to add your charity or supporting organizations' news stories and coming events to PVAngels so we can share them with the world. Do it now!