Desarrolladora Homex, SAB de CV fka DHOXY

[Guynms26]

Wow I just walked in and saw the drop and halt and was wondering what happened! Glad I didn't buy in...YET..... And looks like they are restructuring to get back on track
http://www.advfn.com/nyse/StockNews.asp?stocknews=HXM&article=61535861

Mexican Home Builder Geo Files for Bankruptcy

By Amy Guthrie MEXICO CITY--Mexican home builder Corporación Geo SAB said Thursday it has filed for bankruptcy protection in Mexico with a prearranged restructuring plan it hopes will get the struggling company building again. In a statement, Geo said several bank creditors and bondholders signed off on the plan. Geo said the banks on board are Citigroup's Mexican unit, Banamex; HSBC; Mexican bank Banorte; Santander; Carlos Slim's Inbursa; and BBVA Bancomer. Geo is one of three major Mexican home builders--along with Urbi Desarrollos Urbanos SAB and Desarrolladora Homex SAB--struggling with serious cash restraints amid drastic changes in Mexico's low-income housing sector. The Wall Street Journal reported last week Geo's bankruptcy filing was imminent. The Journal also reported Geo was in talks last week with a creditor group on a $200 million to $300 million loan to fund its restructuring, and that the company had negotiated with its bank lenders to reopen construction lines of financing that were frozen. That funding would help Geo undertake more than 20 projects and essentially restart its construction business, people familiar with the matter said. Geo's debt includes just over $700 million in U.S. dollar-denominated bonds as well as loans from some of Mexico's biggest commercial banks. Last April, Geo stopped making bond payments and fell behind on its loans. In May, Mexico's Infonavit, which originated three-quarters of Geo's mortgage loans, cut off payments to the builder to comply with court orders secured by creditors. --Emily Glazer contributed to this article Write to Amy Guthrie at [e-mail] Subscribe to WSJ: http://online.wsj.com?mod=djnwires