Corporacion GEO Announces Commencement Of Debt Restructuring Process
MEXICO CITY, April 12, 2013 /PRNewswire/ -- Corporacion GEO, S.A.B. de C.V. (BMV: GEOB; CORPGEO MX, ADR Level I CUSIP: 21986V204; Latibex: XGEO), Casas GEO, Mexico's leading affordable entry-level housing developer, today announced that it will take specific measures to strengthen its operations for the long term given the current scenario in the housing industry.
In this regard, to be better adapted to the new market conditions under which the Company operates, it has hired Fians Capital and a group of advisors to assist with operational and financial analysis designed to generate efficiencies and evaluate GEO's different debt restructuring alternatives.
GEO believes that the successful outcome of this process will allow the Company to maintain its market leadership position and continue to offer the best product on the market, under a revised business model that improves Company liquidity and profitability.
About Corporacion GEO S.A.B. de C.V.Corporacion GEO is a leading housing developer in Mexico and one of the largest in Latin America. The Company is engaged in all aspects of design, development, construction, marketing, sales and delivery of mainly low-income housing developments in Mexico. With operations in 22 states, GEO is one of the most geographically diversified homebuilders in Mexico. Since its inception GEO has sold more than 655,000 homes which currently provide housing to 2,400,000 people. GEO's Solid Business Model focuses mainly in the Affordable Entry Level and Economic segments, which are supported by government policies and by the Mexican Housing Institutions INFONAVIT and FOVISSSTE. For more information, visit www.corporaciongeo.com. SOURCE Corporacion GEO, S.A.B. de C.V.
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