As a 30-day grace period for the payment of a semiannual coupon expired on 12 October, Murano is now officially in default on its 2031 bonds.

While the Mexican real estate company had already indicated several times over the past few months that it would seek a debt restructuring, in the 2Q25 financial statements it further noted that it aims for an out-of-court agreement. Moreover, in a 15 October filing it indicated that it has already presented an initial restructuring proposal to an ad hoc group of bondholders, who have signed a non-disclosure agreement.

However, Murano has entered negotiations with its bondholders with a very weak operating performance from the Cancun assets securing the notes.