Urbi, Desarrollos Urbanos, S.A.B. de C.V. failed to make up its missed interest payment within the 30-day grace period. The company had a 30-day grace period, until May 19, to make the $6.4 million interest payment on its $150 million in senior 8.5% bonds due on April 19, 2016. It missed the payment on April 19.

Urbi also missed a MXN 3.9 million ($316,240) interest payment on its MXN 600 million in 8.35% bonds due Dec. 9, 2014, that was due on April 30. The company had a three-day grace period to make the payment, but also failed to meet the deadline.

The company is in default on both of the bonds that it has missed interest payments on, adding that while its debt has cross-default provisions, that doesn't mean all of Urbi's debt is being declared in default or is being accelerated at this time. Urbi is in the early stages of its restructuring process and is working with Neil Augustine at Rothschild, Alvarez & Marsal Holdings LLC and Luc Despins and Joy Gallup at New York law firm Paul Hastings LLP to assist it in evaluating its financial situation and options. Urbi's bondholders, meanwhile, are working with Moelis & Co.

and Allan S. Brilliant and Craig P. Druehl at Dechert LLP.