Vitro Reaches Stay in the Litigation Process with
March 17, 2009
Vitro S.A.B. de C.V. has announced that it has reached stay agreements
with Credit Suisse, Calyon, Merrill Lynch, Barclays and Citibank,
counterparties of derivative financial 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 April 24, 2009, allowing
parties time to negotiate solutions and reach satisfactory mutual
and final agreements.
"As evidenced by these stipulations, which can be renovated
if the parties agree, we will continue exploring different alternatives
and searching for creative ways to reach a favorable settlement,"
says Hugo Lara, Vitro chief executive officer. "We expect Deutsche
Bank, the remaining derivative counterparty, will join today this
amicable alternative in order to restructure our financial obligations.
"These important steps confirm that viable solutions exist;
we strongly believe in the company's potential to overcome this
challenging environment," adds Lara.
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