The Mexican homebuilding conglomerate, Desarrolladora Homex SAB, is seeking to prevent debt restructuring and its move to sell its shareholdings in two prisons to Carlos Slim controlled corporations seems to the right move. With the sale, Homex bonds and share values surged upwards in trading.

Accoring to a stock exchange filing by Homex, it said the sale of the stakes to ideal and Grupo Financiero Inbursa SAB, both Carlos Slim controlled firms, would net the company nearly 4 billion pesos or US$326 million. Grupo FInanciero Inbursa still owes 1.8 billion pesos in loans to Homex at the end of 2012 and would also be in the books.

The Culiacan-based company will use half of the proceeds as working capital and the other half to pay debts ahead of schedule. 

The bonds issued by Homex due in 2020 jumped from 20,05 to 79.11 cents on the dollar according to Bloomberg compiled data. The share values also surged by 40% to 16.89 pesos per share. Both are records on the Mexican bourse.