A judge granted the request of the Mexican consortium Vitro

A judge granted the request of the Mexican consortium Vitro, the largest glass producer in the country to start a bankruptcy process to negotiate debt restructuring with foreign creditors for a thousand 500 million dollars, the company reported today .

"The Fourth District Court in civil matters and work in Monterrey, Nuevo Leon, consented to the application of insolvency prior to the restructuring plan submitted by Vitro," the company said in a statement sent to the Mexican Stock Exchange. At the end of the third quarter of this year, Vitro had gross borrowings per thousand 706 million dollars, of which 90% is denominated in dollars, yet 86% are contracted at fixed rates. According to various media, now seeks to restructure debt Vitro by a thousand $ 515 million to foreign creditors and a thousand other $ 900 million and its subsidiaries.

He added that this measure can go directly to the conciliation stage and that soon be given the stage of having credit and then vote on the agreement" proposed. Sanchez said the restructuring plan submitted by Vitro debt helps the company move ahead as soon as possible and opens a more expeditious than some funds intended for minority whose interests differ from the majority. He indicated that the process will help the company to raise the value of the investment of greater value to the new debt and give the company more viable. The company, founded in 1909, is the leading manufacturer of glass products for industrial, domestic construction and Mexico and has facilities and distribution centers in 10 countries in America and Europe, and exports to 50 nations.

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