July 12, 2013
Desarrolladora Homex has not paid the coupon on its 9.5% 2019 bonds followi
Desarrolladora Homex has not paid the coupon on its 9.5% 2019 bonds following the expiration of the grace period, it says. Fitch has lowered the Mexican homebuilder to RD, and anticipates a 30%-50% recovery value. Homex’s debt problems have meant a series of ratings downgrades, and it is also being sued by Barclays and Credit Suisse for $70m in payments relating to the termination of derivative contracts. It has hired JPMorgan to advise it on strategic alternatives.