Mexican Homebuilder Urbi has Filed for Bankruptcy

Mexican homebuilder Urbi has filed for bankruptcy protection to restructure its debt, the company said on Tuesday.

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.

Urbi said it was still coping with . . .

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