Vitro Gets Another Acceleration

Mexican glass maker Vitro has received a claim for accelerated payment on $216m on its 2013 bonds. After previous demands on its 2012s and 2017s, the Mexican glassmaker now faces acceleration claims on all of the $1.22bn it defaulted on last year. Separately, a New York judge granted Vitro’s derivatives counterparties a summary judgment on the company’s responsibility for losses on derivatives contracts, and ordered a special arbitrator to make a recommendation on the amount. The company says it is analyzing the decision and its options. With respect to both actions, Vitro says it continues to be focused on reaching a consensual restructuring agreement with creditors. At the end of March, Vitro offered bondholders $660m in new 8-year bonds in exchange for $1.5bn in existing debt, and 20 cents for every dollar of Ebitda it generates over a $250m annual threshold – sweetened from a previous offer. There was no timeframe given for holders to accept the offer.