Vitro S.A.B. de C.V., announced 17 March 2009 that it has reached stay agreements with Credit Suisse, Calyon, Merrill Lynch, Barclays and Citibank, counterparties of financial derivative instruments. …
Vitro S.A.B. de C.V., announced 17 March 2009 that it has reached stay agreements with Credit Suisse, Calyon, Merrill Lynch, Barclays and Citibank, counterparties of financial derivative instruments. In accordance with these stipulations, the parties have agreed to a continuance of the deadline for the filing of Vitro“s initial responsive pledging in the Supreme Court of the State of New York and a stay of the litigation processes until 24 April 2009, allowing the parties time to negotiate solutions and reach a satisfactory mutual and final agreements. “As evidenced by these stipulations, which can be renewed if the parties agree, we will continue exploring different alternatives and searching for creative ways to reach a favorable settlement. We expect Deutsche Bank, the remaining derivative counterparty will join today this amicable alternative in order to restructure our financial obligations”, said Hugo Lara, CEO of Vitro. “These important steps confirm that viable solutions exist; we strongly believe in the Company“s potential to overcome this challenging environment”, said Hugo Lara.