Mexico glass maker Vitro guarantees debt with stock

Date: 22 December 2004

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.

600450 Mexico glass maker Vitro guarantees debt with stock

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