Vitro Postpones Issuance 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
HERE for related article). Albert Chico Smith, a Vitro spokesperson
in charge of communications and social responsibility, explained
to glassBYTEs.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
"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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