MEXICO CITY, April 19 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
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