Home > News > Company News > Vitro Strengthens Liquidity Position

Vitro Strengthens Liquidity Position

Post Time:Nov 07,2008Classify:Company NewsView:319

Vitro S.A.B. de C.V. would like to inform the financial community that in order to improve its liquidity to normal operating levels, the Company has contributed non-productive real estate assets (“the assets”) to a Trust and has received an initial payment of US$100 million from a Development Bank.

This structure allows Vitro to make the assets immediately liquid; restoring its cash position while allowing enough time to maximize the amount Vitro can receive for the assets to be sold.

While Vitro may not be currently in full compliance with all of its hedge agreements, as previously announced, the Company continues to negotiate with the financial institutions that have served as counterparties on its hedging program and will announce the outcome of such negotiations once they have concluded. The Company has engaged The Blackstone Group to assist in these negotiations.

Source: Vitro S.A.B. de C.VAuthor: shangyi

Hot News

返回顶部