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Mexico glass maker Vitro guarantees debt with stock
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Mexican glass maker Vitro said on Monday it was putting up shares in its Empresas Comegua unit to guarantee a private debt issue for its Vitro Envases Norteamerica unit.
Monterrey-based Vitro said a meeting of shareholders agreed to put up the 49.7 percent stake in Empresas Comegua to HSBC Bank USA as collateral for the $170 million debt issue from July.
Vitro said in a statement shareholders had agreed to surrender the shares if the debt is not honored.
The issue launched in July will be used to pay off other debt.
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December 23rd, 2004
Source: Reuters.com |
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