Reuters: Bankruptcy News: UPDATE 1-Mexico's Homex says some creditors could seek early payment

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UPDATE 1-Mexico's Homex says some creditors could seek early payment May 22nd 2013, 15:05 Wed May 22, 2013 11:05am EDT MEXICO CITY May 22 (Reuters) - Creditors of struggling Mexican homebuilder Homex could seek accelerated payment of 11.7 million pesos in notes after the company missed payments on derivative positions, according to a filing on Wednesday. Failure to meet payments due on derivatives "arguably" constitutes an event of default on debt owed by Mexico's second-largest homebuilder, the company said in its delayed annual filing with the U.S. Securities and Exchange Commission. Barclays' Mexico unit and Credit Suisse are suing Homex in New York courts over missed payments on derivative positions. "Certain (of these) matters arguably have resulted in an event of default under the terms of the Company's Senior Guaranteed Notes," Homex said in the regulatory filing. The notes totaled 11.7 million Mexican pesos ($946,600) at the end of December and are due in 2015, 2019 and 2020. "Depending upon future actions by such note holders which are beyond the control of the Company, such Senior Guaranteed Notes might be accelerated and come due in 2013," the filing said. Separately, Homex said that Bank of America's Mexico unit is also suing the company in Mexican courts for an unpaid credit line of 385 million pesos that came due this year.

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