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Mexican homebuilder Urbi says still seeking accord on debt
May 30, 2013 / 2:12 AM / in 5 years

Mexican homebuilder Urbi says still seeking accord on debt

MEXICO CITY, May 29 (Reuters) - Mexican homebuilder Urbi Desarrollos, which is struggling with liquidity problems, said on Wednesday it is still in talks with creditors to reschedule debt payments, after media reported it had reached a deal.

Mexico’s third-biggest homebuilder said in a statement it had made progress in working towards a “standstill” on its payments to give it more time to restructure its debt.

Shares in the firm rose 6.59 percent on Wednesday to 1.94 pesos after local media said it had already sealed an accord.

The company, like its larger rivals Geo and Homex , has been struggling to make debt payments amid a slump in home sales. On Tuesday, Urbi said it had failed to meet a 3.9 million peso ($308,300) interest payment.

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