Key Developments: Vitro SAB de CV (VITROA.MX)

VITROA.MX on Mexico Stock Exchange

37.39MXN
22 Sep 2014
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Latest Key Developments (Source: Significant Developments)

Vitro to build new packaging plant in Brazil
Thursday, 14 Aug 2014 03:52pm EDT 

Vitro SAB de CV:To build new packaging plant to manufacture glass containers for cosmetics, fragrances and specialties segments in Brazil.Investment value about $90 million.  Full Article

Vitro signs new contract with Constellation Brands
Thursday, 14 Aug 2014 03:47pm EDT 

Vitro SAB de CV:Signs new 7-year contract with Constellation Brands for production of 7,300 million beer bottles for export.Estimated sales value of transaction is $950 million during contract period.  Full Article

Vitro and Credit Agricole Corporate and Investment Bank reach agreement to end all litigation
Wednesday, 28 May 2014 08:00pm EDT 

Vitro SAB de CV:Vitro and Credit Agricole Corporate and Investment Bank have settled series of lawsuits pending in Mexico and United States, including one that involved Fintech group and certain of its affiliates.Settlement of these lawsuits closes the final chapter on Vitro restructuring process.Terms of settlement provide for Vitro to issue in favor of Credit Agricole $58.5 million note due 2016, which will bear interest at rate equal to three-month LIBOR plus 4.25 percent per annum.Vitro to make up-front payment of $15.0 million to Credit Agricole upon execution of definitive documentation in respect of settlement.  Full Article

Texas Court concludes insolvency proceedings of Vitro’s subsidiaries in US
Friday, 21 Feb 2014 03:39pm EST 

Vitro SAB de CV:Says the Bankruptcy Court for the Northern District of Texas entered the order to formally conclude the insolvency proceedings of its subsidiaries in the United States, which underwent Chapter 11 proceedings in that country.With this action, the companies Vitro Asset Corp, Vitro Chemicals, Fibers & Mining, Troper Services, Amsilco Holdings, B.B.O. Holdings, Binswanger Glass Company, Crisa Corporation, V-MX Holdings, and Vitro Packaging conclude the insolvency process started on Nov. 17, 2010.  Full Article

Vitro SAB de CV completes company merger
Thursday, 2 Jan 2014 12:04am EST 

Vitro SAB de CV:Says on Jan. 1 at 12:00 p.m. the simultaneous merger of FIC Regiomontano SAPI de CV (FIC) and Compania Vidriera SA de CV(COVISA) into Vitro had full effect.Says the forgoing in fulfillment of the agreements adopted by the General Extraordinary Shareholders’ Meetings held on Sep. 5, 2013 and on Dec. 11, 2013.Says as a result of the merger, Vitro’s corporate capital increased 20 pct, same which became property of Fintech Advisory Ltd. (Fintech) to fulfill the agreements reached on Mar. 1, 2013 with such financial partner.  Full Article

Vitro SAB de CV confirms merger agreement with its subsidiaries
Wednesday, 11 Dec 2013 12:22pm EST 

Vitro SAB de CV:Says on Dec. 11 the General Extraordinary Shareholders' Meeting was held, where it was approved to sign on Jan. 1, 2014 at 12:00 p.m. a merger agreement between the company and its subsidiaries: FIC Regiomontano SAPI de CV and Compania Vidriera SA de CV.Says the merger will allow Vitro to fulfill one of the commitments agreed with the creditor Fintech Advisory Ltd., under which the Company will strengthen its financial position.  Full Article

Court Approves Restructuring Agreement Of Vitro SAB de CV’s Vitro Packaging de Mexico SA de CV
Thursday, 2 May 2013 08:12pm EDT 

Vitro SAB de CV (Vitro) announced that the Fourth District Court for Civil and Labor Matters in the city of Monterrey, Nuevo Leon, headed by Judge Sandra Elizabeth Lopez Barajas, issued a final ruling approving the restructuring plan of its subsidiary Vitro Packaging de Mexico SA de CV (Vitro Packaging), which had been proposed by the conciliator and previously approved by a majority of creditors recognized by the Company. This ruling concludes the concurso mercantil the Company was declared on October 26, 2011, in response to the filling the Company presented on June 29, 2011.  Full Article

Vitro SAB de CV Sells Part Of Its Corporate Property
Thursday, 25 Apr 2013 07:06pm EDT 

Vitro SAB de CV (Vitro) announced that, in accordance with the new business strategy, focused on operating closer to the business and reinforcing the objective of reducing costs, it signed a purchase agreement by which it sold part of the property where its corporate offices are located in the municipality of San Pedro Garza Garcia, Nuevo Leon. This operation will generate USD 36 million, which Vitro will allocate both for equipment modernization and technological innovation in its production plants, as well as in debt reduction. As part of the agreement, Vitro maintains the part of said property where its executive offices are located. Likewise, it considers Vitro’s use of the corporate offices building during 2013.  Full Article

Vitro SAB de CV Closes On Settlement, Ends All Litigation And Finalizes Its Restructuring Process
Monday, 8 Apr 2013 07:44pm EDT 

Vitro SAB de CV (Vitro) announced that it has closed the transactions contemplated by the agreements that will enable the Company to definitively conclude its restructuring process. The agreements effectively end all litigation between Vitro and certain creditors in Mexico and the United States, allowing Vitro to definitively conclude its restructuring process. As provided for in the agreement with Fintech, Fintech will receive a note for USD 235 million with a two-year maturity as well as 12.7% of the outstanding share capital of Vitro’s subsidiary FIC Regiomontano SAPI, (FIC) as consideration for the withdrawal of awarded claims and for ending the associated legal proceedings related to the requests for involuntary bankruptcies in the United States. Vitro further announced that it has reached a preliminary agreement with Fintech, subject to approval by the shareholders of both entities and regulatory and governmental consents, to merge FIC into Vitro. If approved, the merger will result in the exchange of Fintech’s shares of FIC for 20% of Vitro’s voting stock. The Company expects to complete this merger within the next six months.  Full Article

Vitro SAB de CV Appoints Adrian Sada Cueva As New Chief Executive Officer
Wednesday, 20 Mar 2013 08:29pm EDT 

Vitro SAB de CV announced the appointment of Adrian Sada Cueva as the new Chief Executive Officer of the Company, effective on March 20, 2013. Adrian Sada Cueva replaces Hugo A. Lara Garcia.  Full Article

Mexico's Vitro in $950 mln bottle-making deal with Constellation

MEXICO CITY, Aug 14 - Mexico's top glass-making company Vitro said on Thursday that it has signed a $950 million deal to make 7.3 billion beer bottles for U.S.-based firm Constellation Brands over the next seven years.

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