Mexican glass maker Vitro SA said it was looking at financial restructuring options and cost reduction plans to eliminate 30% of its debt in the next two years.
“We are looking at different mechanism…
Mexican glass maker Vitro SA said it was looking at financial restructuring options and cost reduction plans to eliminate 30% of its debt in the next two years. “We are looking at different mechanisms to reduce debt by 30% within the next couple years,” said Federico Sada, general director of Vitro. He said one definite plan was to reduce labour costs by 20%. Vitro“s bank debt, he added, was around US$ 1.55 billion. Sada said he estimated that Vitro would end 1999 with the same debt it had at the end of 1998. Afin Securities brokerages has reported that Vitro“s debt as of 31 December was Pso 15.503 billion (about US$ 1.57 billion at the 31 December exchange rate), of which 83% was long term debt. Vitro has twenty-nine business units that produce glass containers, flat glass, crystal and glassware.