Vitro Units Ordered to Withdraw Consent to Restructuring Plan

Date: 21 December 2011
Source: www.businessweek.com

Date: 21 December 2011

Units of Vitro SAB, the Mexican glassmaker that defaulted on $1.5 billion of bonds, were ordered by a New York judge to withdraw consent to a restructuring plan in a Mexican bankruptcy court.

The subsidiaries are “directed to withdraw their consent to any plan reorganization of Vitro that purports to release the guarantees, to take such other actions as may be required to give effect to such withdrawal,” according to today’s ruling.

A copy of the decision by New York Supreme Court Justice Bernard J. Fried was provided by Dennis Hranitzky, an attorney for ad hoc noteholders opposing the restructuring plan. He declined to comment on the ruling.

Roberto Riva Palacio, a Vitro spokesman, confirmed the ruling in an e-mail. Vitro “is not in agreement and as such we will exercise our right to challenge it,” he wrote. The ruling couldn’t be independently confirmed with the court after regular business hours.

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