MEXICO CITY May 7 The family that holds a large
stake in struggling Mexican homebuilder Homex has been selling
shares to meet margin calls on loans, according to a U.S.
Homex has been struggling amid slowing sales of
its out-of-town homes, after it took on heavy debt to build
large suburban developments that have fallen out of favor with
The De Nicolas family's stake in the company shrank to 22.57
percent on May 3 from 27.53 percent last month, according to a
filing with the U.S. Securities and Exchange Commission.
Five members of the De Nicolas family, including the chief
executive and president of Homex, have sold 16,631,300 shares
since April 26 via a trust, according to the filing.
The family sold the shares on five separate days "due to a
margin call related to loans disposed initially during October
2007 and 2008," the filing said.
The first sale of shares came on April 26, according to the
filing. That was the day after the company reported a sharp drop
in first-quarter results after the market closed on April 25.
A spokeswoman for Homex said the company had no information
or comment about the family's share sale.
The company's U.S.-listed shares have fallen 23
percent since April 25.
At the end of 2011, the De Nicolas family owned 34.1 percent
of Homex shares. Since then, Homex's U.S.-listed shares have
lost 68 percent.
Last month, the company said it would delay filing its
annual report with regulators this year because it is restating
results for 2011 and 2012 under international accounting
Homex's larger rival, Geo, is seeking to reach an agreement
with its local debt holders after failing to make a payment due