Mexico's Urbi says invokes grace period for bond coupon payment
MEXICO CITY, April 19
MEXICO CITY, April 19 (Reuters) - Mexican homebuilder Urbi Desarrollos said it will not meet a bond coupon payment due on Friday, invoking a 30-day grace period.
Urbi said the payment due on its 2016 bonds is for $6.4 million.
The company gave no further details in a statement to Mexico's stock exchange.
Urbi, along with Mexico's other big homebuilders, has seen its financial position deteriorate as it struggles with a heavy debt load and slowing sales of new suburban homes.
Geo, Mexico's biggest homebuilder, said last week it was seeking to restructure its debt.
Homex, the country's second-biggest homebuilder, said earlier this week it was exploring ways to increase its liquidity.