Urbi Misses Payment

Mexican homebuilder Urbi Desarrollos Urbanos will not make a $3.9m payment on its 2014 local bonds that was due April 30, it says. Last month, Fitch downgraded Urbi’s rating to C from CCC, on its failure to pay interest on its 2016 bonds. The move followed a downgrade to CCC from B from Fitch and a cut to CCC by S&P in March. Rothschild is advising Urbi on debt restructuring measures. Urbi and its peers Javer, Homex, and Geo, have been struggling with problems including cash flow concerns, excess capacity and less favorable government policies.