Vitro Says No Bankruptcy

Mexican glassmaker Vitro has ruled out the possibility of going bankrupt, its CEO reportedly says at a press conference in Mexico. A Vitro spokesman confirms the remarks. The firm intends to stick to a plan to issue $850m in new bonds, plus $100m cash, which could be swapped for a 15% stake in the company if it fails to meet its debt repayments in the next 5 years. The firm’s restructuring plans have met opposition from bondholders, and it is appealing a Mexican judge’s rejection of its restructuring proposal. Rothschild is Vitro’s financial advisor.