Mexico's Urbi defaults on interest payment

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Mexico's third-largest homebuilder, Urbi Desarrollos, on Monday said it will not meet a $6.4 million interest payment due since last month.

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The company had previously sought a 30-day grace period to make the payment on its 2016 bonds, but that expired on May 19.

Urbi, which is already facing lawsuits for missed debt payments, said in April it hired advisers to help it review options including restructuring debt.

The company, like its larger rivals Geo and Homex , has been struggling to make debt payments amid a slump in home sales.

 

Mexicans are increasingly spurning the cheap, suburban homes built by the country's top three builders in favor of older homes closer to city centers.

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