June 24, 2013 / 12:46 PM / in 5 years

Founding family of Mexican homebuilder Homex sells more shares

MEXICO CITY, June 24 (Reuters) - The family that founded Homex, Mexico’s second-biggest homebuilder, sold more of its shares this month, adding to woes for the company that is struggling under a heavy debt load.

The De Nicolas family sold 1,196,667 of Homex’s U.S.-listed shares, cutting its stake to 17.09 percent of the company from 17.44 percent on June 7, according to a regulatory filing.

The family, which has been selling off its stake since April, sold the shares in June to meet margin calls related to loans from 2008, 2009 and 2010, the filing said. The family has cut its stake by almost 40 percent since April to meet margin calls on loans, filings show.

Homex’s Mexican-listed shares have fallen 74 percent this year, as sales of its suburban homes have dried up and it has missed payments on debt and derivative positions.

The company and the De Nicolas family have declined to respond to requests seeking an explanation of the loans and stock sales.

Homex Chief Executive Gerardo de Nicolas, and president of the board Eustaquio de Nicolas, are among the family members that have sold shares.

Homex said last month it hired JPMorgan to act as financial advisor as it seeks to turn its business around.

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