* Geo says majority of creditors support bankruptcy plan

* Homebuilder had over $1 bln in debt in early 2013

(Adds banks backing plan, amount of debt, background)

MEXICO CITY, March 20 (Reuters) - Mexican homebuilder Geo

GEOB.MX , which has struggled with a heavy debt load and slumping home sales, has filed for bankruptcy after gaining the support of the majority of its creditors.

Geo, once Mexico's biggest homebuilder with sales of 55,485 homes in 2012, stopped making debt repayments last year.

Creditors Banamex, HSBC, Banorte, Santander, Inbursa and BBVA Bancomer agreed to the bankruptcy plan, Geo said in a statement on Thursday.

Foreign bond holders also supported the plan, Geo said, without specifying how many.

Geo blamed its problems on a shift in government policy over the last few years that prioritized subsidies for apartment purchases by new homebuyers, damping sales of cheap houses built by Geo and closest rivals Homex HOMEX.MX and Urbi URBI.MX .

The company had 13.81 billion pesos ($1.04 billion) in net debt at the end of the first quarter of 2013, with more than half in U.S. dollar bonds due in 2014, 2020 and 2022.

Geo has not reported financial statements to Mexico's stock exchange since the first quarter of 2013. Trading of its shares was suspended in July.

Urbi shares were also suspended after the company failed to report second-quarter results.

Shares of Homex, formerly Mexico's No.2 homebuilder, were suspended after the company said it could not report fourth-quarter results by the end of February.

($1 = 13.2651 Mexican Pesos)

(Reporting by Gabriela Lopez and Elinor Comlay; Editing by Christopher Cushing)

((michael.oboyle@thomsonreuters.com)(+5255-5282-7153)(Reuters Messaging: michael.oboyle.thomsonreuters.com@reuters.net))

Keywords: GEO/