Geo Reaches Standstill Agreement

Geo Reaches Standstill Agreement

Mexico Corporate & Sovereign Strategy

Corporacion Geo has reached a standstill agreement with its main bank creditors, it says. The banks have agreed not to take action against the homebuilder, part of a group of borrowers in need of debt restructuring following Mexican housing policy shifts, until after September 3. Geo defaulted on interest payment in April, and is working with Rothschild to restructure its debt. “Geo has actively sought these agreements in order to created conditions to reach a financial restructuring with all of

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