Urbi Desarrollos Urbanos SAB, Mexico’s third-biggest homebuilder by revenue, said it won’t make the $6.4 million interest payment due today on its 2016 dollar bonds “at this time.”
The company plans to use a 30-day grace period for the payment, according to a filing distributed by the Mexican stock exchange. Urbi is in the process of analyzing its business and operations, according to the statement.
The bonds due in 2016 rose 2.77 cents to 34.86 cents on the dollar at 12:28 p.m. in Mexico City, according to data compiled by Bloomberg. Urbi’s shares fell 3.2 percent.