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

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