Vitro Faces Negative Derivatives Position

Mexican glassmaker Vitro says its derivatives instruments have a negative position of $227m. It has complied with the necessary coverage requirements so far, it says, but is “maintaining close communication with counterparties,” to assure continued payment. Vitro added that a $33m portion of its position covering FX and interest rates, have not varied significantly during the last 10 days. Manufacturer Grupo Saltillo announced an MXP600m negative position this week, after retailer CCM saw its ratings chopped on similar liquidity concerns.