Vitro Postpones Issuances of Audited Financial Statements; Operations Will Not Be Affected
June 3, 2010

Vitro S.A.B. de C.V. (Vitro) has been suspended from trading in Mexico City after failing to file its fourth-quarter earnings report. The company is reported to have missed the June 1 deadline for the results (CLICK HERE for related article). Albert Chico Smith, a Vitro spokesperson in charge of communications and social responsibility, explained to USGNN.comô that the company's management decided to postpone the issuance of audited financial statements for fiscal year 2009. He says this decision was made in order to protect the company's rights, since the amounts of damages in connection with the derivative transactions have not yet been determined through the still pending legal proceedings in U.S. courts.

"Once those amounts are determined by a court resolution or agreed to by Vitro and its derivative counterparties, and the company's interests are properly safeguarded, an ordinary shareholders' meeting will be called to submit and obtain proper approval on results for fiscal year 2009. The financial statements will then be submitted to the Mexican Stock Exchange (MSE)," he says. "The temporary suspension of trading of Vitro's shares is an ordinary process that is followed by the MSE when required information is not filed within the term established by law. This is standard procedure and we were expecting it to happen. We are quite familiar with the regulations and understand that suspension is temporary. In no way does this impact our operations, continuity, and/or the performance of our company, which will continue to operate as usual. Nor, does this impact Vitro America in any way."

Smith also noted that Vitro did submit its unaudited financial statements for fiscal year 2009 as well as for the first quarter 2010.

"Vitro will continue to publicly disclose its quarterly financial results, even when the trading of its stock in the MSE continues to be in effect. The purpose of these disclosures will be to continue to provide to our clients, suppliers and any other interested parties with the proper information that will show that the company maintains its operations in the ordinary course of business," he says. "Vitro reiterates that it will continue to focus its efforts on reaching a consensual restructuring agreement with its creditors while maintaining our commitment to continue fulfilling and exceeding the requirements of our customers."

He adds that the company will continue to post updates regarding all of the Vitro's most recent developments.

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