Vitro Continues Creditor Talks

Mexico’s Vitro says it is still in discussions with creditors to consider options for meeting its debt obligations during a volatile period in capital markets. Last week, the glassmaker said its derivative contracts had a negative position of $227m, including $33m in FX and interest rate derivatives. As of Q2, Vitro was facing $123m in amortizations this year, with $28m due in 2009. Its outstanding debt is about $11.35bn.