At the meeting of its Special Committee of Bondholders, members of Vitro“s Committee on Finance and Planning submitted a counterproposal and their vision to reach a consensual restructuring agreement…
At the meeting of its Special Committee of Bondholders, members of Vitro“s Committee on Finance and Planning submitted a counterproposal and their vision to reach a consensual restructuring agreement. Representatives of the glass container manufacturer had met in recent days with members of the Special Committee of Bondholders in New York to produce a wide-ranging effort to creditors by way of application for consent to achieve debt restructuring. Mexican Vitro expects to formally launch the consent to the market in August 2010. As a result of damage to infrastructure in the state of Nuevo Len, Mexico, due to hurricane Alex, Vitro had to close its operations at the flat glass manufacturing plant. Two of the four Vitro automotive glass manufacturing facilities, along with two of the three Vitro float glass manufacturing facilities were also affected by this event, while glass container production units were not affected.