Vitro, SAB announced 29 Jan/09 that 4 of the counterparties with whom the company or its subsidiaries entered into derivative financial instrument have notified the Mexican company that its failure to make payment of US$ 293M (incl approx US$ 80M held as cash collateral by such counterparties) under the agreements constitutes event of default & have effectively demanded payment. As of 31 Dec/08, Vitro had a net loss of approx US$ 358M (not including accrued interest), including a loss of US$ 33M related to the only open derivative financial instruments covering natural gas contracts from 2009-2011 with Pemex. The default under the DFI Agreements result in an event of default under the indentures for notes enabling note holders or trustees to declare the notes immediately due & payable.
