Casas GEO
| Company type | Sociedad Anónima Bursátil de Capital Variable |
|---|---|
| BMV: GEO BMAD: XGEO | |
| Industry | Construction |
| Founded | 1990 |
| Headquarters | Mexico City, Mexico |
Key people | Luis Orvañanos Lascurain, (Chairman & CEO) |
| Revenue |  US$ 1.4 billion (2012)[1] |
| US$ 80.8 million (2012)[2] | |
Number of employees | 23,724 |
| Website | www.corporaciongeo.com www.casasgeo.com.mx |
Casas GEO was a leading housing developer in Mexico and one of the largest in Latin America. The Company was engaged in all aspects of design, development, construction, marketing, sales and delivery of mainly low-income housing developments in Mexico. With operations in 52 cities across 16 states, GEO was one of the most geographically diversified homebuilders in Mexico.
Since its inception, the company had sold more than 510,000 homes which currently provide housing to 2 million persons. Geo's business model focused mainly in the affordable entry level and economic segments.
In addition the company is active in the financial sector and it offers credit intermediation services.
In 2005, GEO entered the European market through the Latibex index, being the first housing company in Mexico to achieve this.[3]
In addition, the company was active in the financial sector and offered credit intermediation services. While being the largest company in its field, it collapsed in 2013 and and filed for insolvency. “We are in communication with the Federal Attorney General's Office (Profeco) about the complaints that have been received due to lack of home delivery. Obviously, if Geo is liquidated, it will not be a solution for anyone, but if it is recapitalized and comes out of bankruptcy, we will be able to deliver the houses, correct the errors, ”said the director in an interview with CNNExpansión.
In order to face its financial crisis due to a heavy debt of more than 32,000 million pesos, GEO declared insolvency in April 2014, a procedure that allows the company to restructure its debts with the intention of preserving its viability, which led to delays in homes delivery.
The housing company, which until 2013 was the largest construction company of social interest housing in Mexico, requested an extension to extend the insolvency procedure that would expire on February 6; while it was already negotiating a second extension during which it sought to recapitalize. It was expected to come out of insolvency on May 6.
On November 23, 2018 Casas Geo declared bankruptcy and ordered the liquidation and dissolution of the company.
