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Desarrolladora Homex, SAB de CV Message Board

  • phil_w40 phil_w40 Apr 29, 2013 7:14 PM Flag

    Slim Takeout

    I'd guess $10 minimum which still would be a great deal for him in a pretty quick time frame. I'd certainly be considering it as it would take liquidity off the board and get things back to business fundamentals and future potential.

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    • Has Slim stepped up? This fiasco seems surreal, just like another manufactured crisis.

      • 1 Reply to colonelangus007
      • Pretty sure he is already involved according to S&P report. Here is his initial pass but he is clearly involved with the company. You would have to assume if he could buy assets cheaper he would.

        Carlos Slim, the world’s richest man, is giving a lifeline to Mexican homebuilder Desarrolladora Homex SAB.

        Homex’s $400 million of bonds due in 2020 soared a record 20 cents to 79.11 cents on the dollar after the builder said on April 19 that it agreed to sell its stake in two prisons to companies controlled by Slim. The notes sank as low as 53.44 cents on April 17 after Homex said it would seek to raise cash from asset sales and junior debt issuance, while rivals Urbi Desarrollos Urbanos SAB and Corp. Geo SAB hired banks to advise on possible restructurings. Urbi said last week it will use a 30-day grace period to make an interest payment due April 19.

    • you don't have a clue. if Incarso or Inbursa buy this, it will be on the cheap. They're only chance is to convince a couple of CKDs to pump them with a few hundred million in exchange for control. There is no way Slim would pony up the required capital without taking over the company. If you think differently, you don't follow MX very closely. Bottom line: if they can get a secondary done, buy the stock. Every other scenario is untouchable.

      • 2 Replies to siemprefue
      • Is this a different Carlos Slim perhaps?

        The company said in the filing it will use about half of the money as working capital and the rest to pay down debt ahead of schedule. Slim’s bank, Inbursa, and construction firm Impulsora del Desarrollo y el Empleo en America Latina SAB, known as Ideal, will buy the stake in the prisons, one in Morelos state and the other in Chiapas. Homex expects to stay on as builder of the prison in Morelos and to participate in the operations of both prisons, according to the statement.

        Homex had bank loans from Inbursa totaling at least 1.8 billion pesos as of the end of 2012, according to the builder’s fourth-quarter report.

        As the transaction buys Homex time to adapt to the changing homebuilder industry, it’s giving Slim the opportunity to enter the prison business, according to an e-mail from the billionaire’s son, Inbursa Chairman Marco Antonio Slim.

      • Any secondary will take 90% of equity if its even possible. The current shareholders will be lucky to get $1 per share out of the company. 2 year debt trading at 70% of par. I consider that fair value. I'd be a buyer in the 50's.

 
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