MEXICO CITY May 1 Troubled Mexican homebuilder
Homex has filed for bankruptcy after gaining the
support of a majority of its creditors, the company said on
The Culiacan-based company, which has struggled with a heavy
debt load and slumping home sales, said it was seeking
additional financing during the bankruptcy proceedings.
Mexican homebuilders have been hit hard since the government
shifted to a policy in the last few years that gives priority to
subsidies for apartment purchases by new home buyers, hurting
sales of cheap houses built by Geo, Homex, and Urbi.
In March, rival Geo, formerly Mexico's biggest
homebuilder, filed for bankruptcy in a deal that replaced most
of its debt with stock.
(Reporting by Alexandra Alper; Editing by Jeffrey Benkoe)