April 19, 2013 / 5:30 PM / 5 years ago

Mexico's Urbi says invokes grace period for bond coupon payment

MEXICO CITY, April 19 (Reuters) - 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 million.

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 liquidity.

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