Vitro Slapped With Acceleration Notice

Mexican glassmaker Vitro has received from a group of bondholders a notice of acceleration of payment on $1bn in senior notes due 2012 and 2017. The defaulted company says it has requested that the group prove its holdings. The indenture states that at least 25% of bondholders are required to get the acceleration. According to Vitro, it has not received any notice of acceleration for the $216m senior notes due 2013. It adds that a recent real estate transaction and refinancing of a trade receivable program increased the unrestricted cash position to more than $175m as of December 31. “Vitro remains focused on its balance sheet restructuring efforts and will continue its negotiations with its bondholders,” it adds.