District Judge Accepts Vitro's Application for Prepackaged Insolvency

Date: 3 January 2011

Vitro SAB de CV announced on December 27 that the Judge of Fourth Civil and Labor District Court in Monterrey, Mexico, accepted its insolvency application with restructuring plan."This is a very important step in our orderly restructuring process, aimed to create value for the majority of creditors within a shorter period than the one to be achieved through an involuntary proceeding, since it allows [Vitro] to go directly into the conciliation stage, arriving sooner to the credit acceptance stage and finally vote on the proposed restructuring plan," says Alejandro Sánchez Mújica, Vitro's general counsel.

According to a statement issued by the company, the judge's acceptance of the insolvency proceeding with restructuring plan is a breakthrough for those creditors and other stakeholders interested in the company moving forward in this process as soon as possible.

According to a Vitro representative, the process for the pre-packaged Concurso plan with the support of 68 percent of its creditors will not be affected by the actions of its subsidiaries in the United States, and "once the court dictate acceptance for the Concurso any action shall be void.

"Even though a minority group of only four bondholders, representing less than 6 percent of Vitro's outstanding consolidated debt to be restructured, filed an involuntary bankruptcy case under Chapter 11 of the U.S. Bankruptcy Code against Vitro's U.S. subsidiary guarantors, Vitro America and other subsidiaries involved in this litigation in the United States, continue to work normally and are taking the necessary actions to ensure they continue to operate without changes in their production processes," the spokesperson adds.

600450

Vitro SAB de CV

2011-01-03T12:00:00

District Judge Accepts Vitro's Application for Prepackaged Insolvency glassonweb.com

Others also read

MORE...

TUROMAS team at the Glasstech Mexico 2023 trade fair

Turomas Shines at Glasstech Mexico

Turomas returns from Glasstech Mexico successful, having secured one of its main markets.

Glass for Europe intervenes at Glasstech Mexico

On the second day of the Glasstech Mexico fair, Bertrand Cazes, Glass for Europe’s Secretary General, gave a speech on “Drivers of added-value glazing in buildings, Europe’s experience and way forward”.

TUROMAS returns from Glasstech Mexico 2023

The Glasstech Mexico fair that took place from the 19th to the 21st of July concluded with a great success for TUROMAS, consolidating its position as the leading company in technological solutions for the glass industry in Latin America.

In addition to the equipment on display, visitors who came to the event had the opportunity to learn more about the complete range of standardised machinery for monolithic glass, laminated glass or smart storage, as well as the customised solutions that T

TUROMAS is back at Glasstech, the professional Glass Technology EXPO in Mexico City

On this occasion TUROMAS opted for an exclusive space in which to attend to and provide service to the Latin American market and especially to the Mexican public.