Mexico's Vitro to prepay convertible debt
MEXICO CITY, June 11 (Reuters) - Mexican glassmaker Vitro, which went through a bankruptcy reorganization in 2011, said it will pay down on Wednesday convertible debt due to expire in 2015.
Vitro said it will pay debt and interest on the notes, a total of $122.4 million.
The decision gives greater certainty to shareholders since it removes the possibility that the debt could convert into shares, said Chief Executive Adrian Sada in a statement to Mexico's stock exchange.
Mexican businessman David Martinez's Fintech fund in March agreed to buy debt held by U.S. hedge funds that were fighting Vitro in court for payment, in return for a 13 percent stake and $235 million in debt.