Reuters: Bankruptcy News: Mexican homebuilder Geo says lenders reject bank creditor deal

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Mexican homebuilder Geo says lenders reject bank creditor deal Jul 15th 2013, 23:39 MEXICO CITY, July 15 | Mon Jul 15, 2013 7:39pm EDT MEXICO CITY, July 15 (Reuters) - Some local lenders to Mexican homebuilder Geo voted against signing an agreement the company recently reached with its major bank lenders to restructure its debt, according to a statement on Monday with Mexico's stock exchange. The lenders hold local debt certificates that are backed by Geo assets. Geo, which is struggling with a heavy debt load and slowing home sales, said in June its main bank creditors had also agreed not to bring any new legal proceedings against the company and to suspend existing lawsuits. The builder said in April that it had hired a financial adviser to restructure its debt, which totaled 13.8 billion Mexican pesos (US$1.1 billion) at the end of March. Geo has also hired investment bank Rothschild to help in its restructuring process.

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