Geo files pre-pack restructuring plan

Geo files pre-pack restructuring plan

Corporate & Sovereign Strategy

Homebuilder Corporacion Geo has filed a pre-packaged insolvency plan, the first company to do so under Mexico’s new restructuring laws. The deal, which will see unsecured creditors taking 88% of the restructured company, has been negotiated with a group of investors representing more than half the firm’s debt. That includes six Mexican banks and bondholders representing 27.4% of Geo’s 2014, 2020 and 2022 bonds. Existing shareholders in the firm, which reached a standstill agreement with bondhold

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