On Air Now

Upcoming Shows

Program Schedule »

Listen

Listen Live Now » 1320 AM Sioux Falls, SD 107.9 FM Sioux Falls, SD

Weather

Current Conditions(Sioux Falls,SD 57104)

More Weather »
68° Feels Like: 68°
Wind: SSE 0 mph Past 24 hrs - Precip: 0”
Current Radar for Zip

Today

Scattered Thunderstorms 83°

Tonight

Scattered Thunderstorms 70°

Tomorrow

Partly Cloudy 89°

Alerts

Deutsche Bank sues Mexico's Urbi over loan

Pedestrians are reflected in a window as they walk in front of the headquarters of Deutsche Bank AG in Frankfurt September 5, 2011. REUTERS/
Pedestrians are reflected in a window as they walk in front of the headquarters of Deutsche Bank AG in Frankfurt September 5, 2011. REUTERS/

(Reuters) - Deutsche Bank has filed suit against Mexican homebuilder Urbi seeking $61 million plus interest and expenses after Urbi failed to make loan payments, according to court documents.

The bank said the homebuilder failed to pay more than $5 million in principal and interest due on two loans, according to the lawsuit filed in New York State Supreme Court in Manhattan on Wednesday.

The loans, made in February, were for $50 million and $55 million.

Urbi said in April it had hired advisors to help it review options including restructuring debt.

Barclays and Credit Suisse are also suing Urbi for failing to make payments on derivative positions.

Urbi and its larger peers Homex and Geo are struggling with heavy debt loads and a slowdown in new home sales.

(Reporting by Elinor Comlay; Editing by Carol Bishopric)

Comments