Corporacion Geo SAB de CV:Announces successful completion of its restructuring process.Gets capitalization of 3.50 billion pesos, which will allow the company to gradually resume its growth.
Corporacion Geo SAB de CV:Says the Sixth District Judge in Civil Matters has approved insolvency settlement of Corporacion Geo unit, Inmobiliaria Anso SA de CV.As a result, the company and its 15 units emerge from insolvency proceedings.
Corporacion Geo SAB de CV:Says the Sixth District Judge in Civil Matters has approved insolvency settlement of Corporacion Geo, GEO Jalisco SA de CV, GEO Guerrero SA de CV, GEO Baja California SA de CV and GEO Hogares Ideales SA de CV.
URBI Desarrollos Urbanos SAB de CV:Says court in Mexicali district, Baja California, declares insolvency with previous restructuring plan of URBI and its 15 units.With this resolution conciliation stage begins.URBI has pre-restructuring plan agreed with majority of creditors.To maintain operation in markets where it is present.
Corporacion Geo SAB de CV:Says to restart 19 housing developments due to revival of bridge loan lines by financial institutions and INFONAVIT program called Redensification and Location Housing (50/70).Bridge loans signed by Banorte, Santander, Banamex and HSBC.Says board of INFONAVIT approved 50/70 program continuity in 2015, which in 2014 was main factor for operational continuity of Geo.Says as part of insolvency proceedings Geo and its 16 units request approval of its creditors in order to obtain second extension of 90 calendar days to seek to successfully complete negotiations.