Vitro strengthens its position of liquidity
Vitro, Mexico, recently reached an agreement with Bancomext, in which non performing real estate assets were placed in a trust pending future sale, according to a N .
Under the terms of this agreement, Vitro will receive $100 million, using these funds to restore its liquidity to normal levels of operation.
This agreement allows Vitro to make these assets liquid immediately to restore its position of cash, as well as to allow sufficient time to maximize the amount that Vitro can receive for the assets that will be sold, according to the release.
Vitro continues negotiating with the financial institutions that were involved in the natural gas derivatives issue and will update all stakeholders on the results of these negotiations once they have concluded.
Vitro has hired Blackstone Group to help in these negotiations and eliminate any additional risk of exposure in the future in this area.
With the Bancomext agreement, the support of Blackstone Group and the other measures that the company continues to review, Vitro is solidifying its liquidity situation to minimize the effects of the current world financial situation and continue working and operating normally to achieve the objectives that we have proposed for the year 2008 and the future, according to the release.