Mexican homebuilder Homex says reaches deal to restructure debt
MONTERREY May 6 (Reuters) - Mexican homebuilder Homex said on Wednesday it had agreed a deal with a group of creditors to restructure its debt, with measures including a debt capitalization, new lines of credit and a convertible bond worth 1.5 billion pesos ($98 million).
Culiacan-based Homex has struggled with a heavy debt load and slumping home sales, and filed for bankruptcy last year.
Mexican homebuilders have been hit hard since the government shifted to a policy in the last few years that gives priority to subsidies for apartment purchases by new home buyers, hurting sales of cheap houses built by Homex and its peers.
In January, Homex said it had signed an accord for a 500 million peso, 10-year revolving credit line with Proyectos Adamantine, a financial firm specialized in mortgage lending and administration.
($1 = 15.2725 Mexican pesos) (Reporting by Gabriela Lopez)
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