MEXICO CITY, April 28 (Reuters) - Creditors to Geo, once Mexico’s biggest homebuilder, have agreed to exchange 28.5 billion pesos ($1.87 billion) in debt for a 91 percent stake in the company, Geo’s director of restructuring, Orlando Loera, said on Tuesday.
Loera said that the capitalization plan still has to be approved by shareholders in a meeting on May 6, and by the judge overseeing bankruptcy proceedings.
The company has been under bankruptcy protection since last April. Its shares have been suspended since 2013 for not reporting financial statements. ($1 = 15.2271 Mexican pesos) (Reporting by Gabriela Lopez; Editing by Lisa Shumaker)