Vitro holders back convertibles for restructuring

Date: 25 November 2011
Source: http://www.reuters.com
Nov 22 (Reuters) - Mexico's Vitro said on Tuesday that its shareholders approved the issuance of stock convertibles as part of a plan to restructure the troubled glassmaker's debt.

The convertibles will be tied to the issuance of new shares, which will be held at the company's treasury, the company said in a statement. Vitro did not say when it planned to issue the new shares and convertibles.

Monterrey-based Vitro , which makes everything from beer bottles to perfume containers, filed for bankruptcy nearly a year ago and has been fighting creditors in courts over its $3.4 billion debt.

The company's shares fell 4.35 percent to close at 11 pesos on Tuesday, before the shareholders' decision was made public.

600450 Vitro holders back convertibles for restructuring glassonweb.com
Date: 25 November 2011
Source: http://www.reuters.com

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