Mexico's Vitro said it had ended a lengthy legal battle with creditors after a Mexican businessman bought a chunk of the glassmaker's debt held by funds that had led the court fight.
Under the deal, Monterrey-based businessman David Martinez' Fintech fund will buy all the debt held by US hedge funds that were fighting Vitro in court over payment, the company said.
“These agreements allow us to close the book on a challenging period for our Company, and focus entirely on our business and meeting our customers’ needs,” said Adrian Sada Gonzalez, Vitro’s Chairman of the Board of Directors.
Vitro makes flat glass and glass containers for cosmetics and other uses, will now focus on expanding its business, mainly in the USA, which in 2012 accounted for sales of US$446 million a year – US$329 million for packaging and US$117 million in flat glass.
The Fintech agreement must still be approved by US and Mexican courts.
