MONTERREY, Mexico, June 15 (Reuters) - A Mexican judge said on Monday he had approved the debt restructing plan for Mexican homebuilder Geo, which entered into bankruptcy protection in April 2014.
The judge said bankruptcy protection for Geo and four of its units was over, according to a court statement. A ruling has not yet been issued for Geo’s 11 other subsidiaries.
The company’s shares have been suspended since 2013 because it was not reporting financial statements.
Geo’s shareholders approved the debt restructuring plan in May, which included raising 34.16 billion pesos ($2.21 billion) of capital by issuing 60.9 million new shares in exchange for liabilities.
Geo board President and Director Luis Orvananos said in a statement that the court decision would enable the company to recover its operational and financial viability.
$1 = 15.4375 Mexican pesos Reporting by Gabriela Lopez; Editing by Lisa Shumaker