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URBI Desarrollos Urbanos SAB de CV Enters Into Standstill Agreement With Its Bank Creditors; Plans To Present Its Financial Restructuring Plan


Thursday, 27 Jun 2013 10:21pm EDT 

URBI Desarrollos Urbanos SAB de CV (Urbi) announced that it has entered into a standstill agreement with its main bank creditors. Additional creditors, including other bank creditors and financial institutions, have expressed their interest in joining the agreement. The agreement has a 45 day term and provides that, during that term, the parties thereto will not take any legal action (lawsuits and orders of attachment) against Urbi and the Company will not initiate any bankruptcy proceedings. In addition to the signing of this agreement, conditions are restored for the Company to obtain a short-term liquidity. Within the 45 day standstill period, Urbi plans to present its financial restructuring plan to the parties to the agreement, with the aid of its advisors Rothschild and Alvarez & Marsal. 

Company Quote

1.57
-0.11 -6.55%
25 Jul 2013