July 18, 2013
Corporacion GEO has reached a standstill agreement with holders of $160m in
Corporacion GEO has reached a standstill agreement with holders of $160m in 2021 bonds, it says. The deal keeps creditors at bay through September 3, and follows a similar agreement with bank lenders also in effect through September 3. The 2021 bonds were issued by the Maquinaria Especializada unit that holds construction equipment rental assets and was created for a 2011 cross-border ABS. Geo defaulted on and interest payment in April, and is working with Rothschild to restructure its debt.