Vitro Reaches Stay in the Litigation Process with Several
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,"
Need more info and analysis about the issues?