Mexico’s Homex allowed three-month extension of conciliation stage

By Kali Hays

New York, April 10 – Desarrolladora Homex, SAB de CV said it obtained a 90-day extension of the conciliation stage included in its ongoing bankruptcy case in Mexico, according to a news release.

A judge authorized the extension after more than 90% of the company’s creditors approved it.

During the extension period, Homex will continue negotiations with creditors in order to reach a final agreement “for the benefit of all stakeholders,” the release said.

Homex said it is currently negotiating with an informal creditor group and intends to propose a reorganization “in the very near future.”

The company is also discussing the possible reactivation of some projects with “new and existing financing sources,” and expects to reactivate those projects before its bankruptcy process is completed.

Homex is a Culiacan, Mexico-based homebuilder focused on affordable entry-level and middle-income housing in Mexico and Brazil.

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