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Mexico's Vitro secures $150 million in credit
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Mexican glass maker Vitro, pressured by heavy competition and weighty debt, said on Monday it secured $150 million in credit to refinance other obligations.
Vitro secured loans for $45 million and $105 million, maturing in a year and a half, for its Vitro Plan and Vitro Envases Norteamerica subsidiaries, the company said.
Once a virtual monopoly producer of flat glass and glass containers in Mexico, Vitro has suffered since the mid-1990s from increased competition from local and international producers.
The company, which did not say who provided the loans, is expected to sell its stake in tableware division Vitrocrisa to U.S. partner Libbey Inc. (LBY.N: Quote, Profile, Research) to pay down part of its heavy debt load of near $1.5 billion.
The planned sale of its tableware division follows the unloading in recent months of other units in a bid to focus activities around its key flat glass and container businesses.
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September 27th, 2005
Source: Reuters.com |
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