The creditors which have so far signed the restructuring plan held some 21.9 billion pesos ($1.55 billion) in debt, equivalent to around 53.3 percent of the total claims on Urbi, the company said in a statement.

Urbi, Mexico's third-largest homebuilder in recent years, is following its bigger peers after struggling under heavy debt loads and slumping sales of their cheap, single-unit homes in developments often located far from urban centers.