MEXICO CITY May 14 The family that founded
Homex, Mexico's second-biggest homebuilder, has cut its stake in
the company by more than a third in a month, according to a
regulatory filing on Tuesday.
The filing, which comes as Homex is facing lawsuits in New
York for failing to meet payments related to derivatives, shows
the family is selling shares to meet loan obligations.
A spokeswoman for Homex last week told Reuters that the
stock sales are for margin calls related to loans made to the de
Nicolas family and they are not a matter for the company.
Sales of homes built by Homex, like those built by its
larger rival Geo and smaller peer Urbi, have
slumped and the three companies are facing heavy debt payments.
Tuesday's filing shows the de Nicolas family's Homex
stake was trimmed to 19.23 percent on Tuesday from
about 33 percent on April 14, by selling about $43.5 million in
Homex's U.S. listed shares.
The spokeswoman declined to comment on the latest filing.
The filing shows that a trust for five members of the
family, including Chief Executive Gerardo de Nicolas and
Chairman Eustaquio de Nicolas, sold 1.7 million U.S. listed
shares, equivalent to 11.2 million Mexican-listed shares, or
3.35 percent of its total stock outstanding, over seven days
The family sold the shares to meet margin calls "related to
loans disposed initially during October 2007 and 2008,"
according to the latest filing.
The family also sold shares earlier this month and last
month, filings show.
NEW YORK LAWSUITS
Separately, Barclays and Credit Suisse are suing Homex for
failing to meet payments related to derivative agreements,
according to court filings in New York.
In April, Homex failed to pay more than $1.7 million in
collateral related to derivatives transactions that the company
entered into in 2012, according to a court filing by Barclays on
Credit Suisse in a court filing earlier this month in New
York said Homex failed to pay the Swiss bank $26.7 million to
cancel a 2009 derivative agreement.
The Swiss bank said Homex requested the cancellation after
its April 16 downgrade by Fitch Ratings, which triggered a
margin call under the agreement.
Homebuilder Urbi is also facing lawsuits from banks for
failing to make payments on loans and derivative positions.