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Vitro fact box
CEO: Federico Sada
CFO: Alvaro Rodríguez
Core businesses: flat-glass and glass container businesses
Latest deal: January 2007 – $1 billion two-tranche deal to refinance holding company debt and clean up capital structure |
For a company that was on the distressed debt list only three years ago, 2007 marks the end of an era. At the start of the year Mexican glass-making company Vitro issued the now second biggest high-yield corporate bond by an emerging markets borrower, raising $1 billion. The deal was the final part of a major debt refinancing initiative to improve Vitro’s debt capital structure.
"These guys are golden right now," says an enthused banker. Vitro is a classic turnaround credit story. From a debt-ridden struggling company, it has sold off non-core assets, honed its capital structure, cleaned up its books and focused on two core niche businesses – the flat glass and the glass...
