Mexico's Geo says talks with lenders 'close' to agreement

Reuters

MEXICO CITY, Nov 7 (Reuters) - Mexican homebuilder Geo saidon Thursday it was "close to reaching agreements" with most ofits lenders and bondholders as it seeks to restructure its debt.

Geo will make a further announcement as soon as it has adefinite agreement, the company said in a statement to Mexico'sstock exchange.

The company, which has failed to report results since thefirst quarter of this year, said in April it hired an advisor tohelp it restructure its debt after poor home sales caused it tomiss payments on its heavy debtload.

Geo along with rivals Homex and Urbi, which are also tryingto restructure, racked up debt buying land and building whereMexicans no longer wanted to live.

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