Desarrolladora Homex SAB, the Mexican homebuilder seeking to avoid a debt restructuring, agreed to sell its stake in two prisons to companies controlled by billionaire Carlos Slim. Homex’s bonds and stock surged.
Vitro SAB’s defaulted bonds are rallying to a two-month high, a sign to JPMorgan Chase & Co. and BCP Securities LLC to sell the securities because the price overvalues the Mexican glassmaker’s latest debt-restructuring offer by almost 50 percent.
YPF SA, Argentina’s biggest oil producer by market value, plans to return to global markets for the first time in 12 years with the sale of up to $600 million of bonds as the company aims to expand at home and abroad.
Vitro SAB’s defaulted bonds have climbed to a 23-month high on speculation Mexico’s biggest glassmaker will sweeten an offer to restructure $1.2 billion in debt that was rejected by creditors last month.
Vitro SAB, Mexico’s largest glassmaker, said it agreed to a settlement with U.S. creditors including hedge fund manager Paul Singer, ending a legal battle over debt from the company’s $1.2 billion bond default in 2009.
Vitro SAB, the Mexican glassmaker that defaulted on $1.2 billion of bonds last year, plans to ensure creditors approve a debt-restructuring offer by voting $1.9 billion of its intercompany loans in favor of the deal.