Vitro Successfully Refinances Bank Debt Of Its Spanish Subsidiary

Date: 13 September 2010
Source: Vitro
San Pedro Garza García, Nuevo León, México, September 9, 2010 - Vitro S.A.B. de C.V. (“Vitro” or the “Company”) (BMV: VITROA) announced today that Vitro Cristalglass S.

L. (“Cristalglass”), its Spanish subsidiary, has reached an agreement to refinance most of its debt (the “Agreement”) with its major banking institutions, allowing it to continue its business plan for the next three years. The Agreement was signed in Ponferrada on June 30, 2010, with eight financial institutions: Caja Madrid, Banco Popular, Castilla, Caixa Galicia, Caixanova, Bancaja, Caja Spain, Caja Duero and Banco Sabadell.The amount of the Agreement is €44.8 MM, which represents 97% of the outstanding bank debt of The Company.
 
Cristalglass, is one of the leading companies in the Spanish market for construction glass and a leader in the segment of special projects and landmark buildings, employing a total of 495 persons.
 
Cristalglass is Vitro’s main subsidiary in Europe and has production sites in the province of León (Camponaraya and La Rozada in Parandones) and other parts of Spain (Madrid - Fuenlabrada, Valencia - Náquera and Asturias - Porceyo). It is also the holding company for the subsidiaries of France and Portugal.
 
By reaching this Agreement, Cristalglass is now positioned for sustainability and financial stability according to its business plan, which includes leadership in special construction projects and the diversification of its products and markets. This plan will allow the company to achieve new growth of its business and to preserve jobs.
 
"This refinancing agreement significantly reduces the need by the parent company to provide long-term capital resources and allows it to continue supporting the subsidiary, as usual, with cash used to finance its working capital," said Claudio Del Valle, Chief Administrative and Financial Officer of Vitro.
 
"This agreement reflects the confidence of the country's major financial institutions in the future performance of Cristalglass," said José Cubillo, CEO of Cristalglass.
 
The refinancing was achieved with the support of Equipo Económico - Madrid, which coordinated the negotiation of the Agreement.

600450 Vitro Successfully Refinances Bank Debt Of Its Spanish Subsidiary glassonweb.com
Date: 13 September 2010
Source: Vitro

See more news about:

Others also read

Walker Glass manufactured a low-iron glass with white, backpainted and bronze-tinted mirror with a satin acid etch applied.
Mountain views, energy efficiency highlight new Ent Center at UC Colorado Springs.
New site highlights the beauty, durability and value of premium shower glass.
Advanced low-e glass glazings fulfill demand for clarity, solar control performance.
Multinational clothing retailer H&M wants people to “stop in their tracks” when they see the company’s first flagship store in Canada.

From industry

NEWS RELATED PRODUCTS

Vitro Architectural Glass (Formerly PPG Glass)
Vitro Architectural Glass (Formerly PPG Glass)

Add new comment