Mexico's Urbi gets US$48 million injection to restart operations

Mexican homebuilder Urbi said on Thursday it got a capital injection of 886.8 million pesos (US$48 million) that will allow it to start operating again after having completed its debt restructuring.

The company said that a group of investors had been granted nearly 80 billion Urbi shares in exchange for the capital. Urbi, whose shares have been suspended since July 2013, completed its restructuring under bankruptcy protection in February.

The company, once Mexico's No. 3 homebuilder, was forced to follow its larger peers, Homex and Geo, and restructure its outsize debt load after sales of its cheap, single-unit homes slumped