Texas Court Grants Chapter 15 Recognition for Vitro SAB’s , StaMexican Proceedingying Further Actions Against It in the U.S.

Date: 27 July 2011
Source: http://www.4-traders.com
Texas Court Grants Chapter 15 Recognition for Vitro SAB?s MexicanProceeding, Staying Further Actions Against It in the U.


San Pedro Garza García, Nuevo León, México, July 22, 2011 - Vitro S.A.B. de C.V. (?Vitro? or ?the Company?) announced today that on July 21, 2011 the United States Bankruptcy Court for the Northern District of Texas presiding over its Chapter 15 case entered an order (the ?Recognition Order?) granting recognition as a foreign main proceeding to Vitro SAB?s voluntary reorganization concurso proceeding (the ?Mexican Proceeding?) pending in Mexico. The Recognition Order extends the automatic stay under the U.S. Bankruptcy Code to actions against Vitro SAB in any jurisdiction within the United States by all its creditors, including holders of 2012, 2013 and 2017 notes (the ?Notes?) which were issued by Vitro SAB. This ruling was made four days after the same judge had granted a preliminary injunction protecting Vitro Packaging Mexico, S.A. de C.V. (?Vitro Packaging?).

Vitro SAB commenced its Chapter 15 case on April 14, 2011 seeking recognition in the U.S. of the Mexican Proceeding, in furtherance of its restructuring plan for its global enterprise. The Recognition Order became effective upon entry and will continue in effect pending the outcome of the Mexican Proceeding.

Alejandro Sánchez Mújica, Vitro?s General Counsel, commented on the ruling, ?Vitro is now able to continue with its financial restructuring process, even if it should face further legal action with benefit of the protection granted by the Concurso Mercantil in Mexico and by Chapter 15 of the United States Bankruptcy Code.?

Founded in 1909, Vitro, S.A.B. de C.V. (BMV: VITROA), is the leading glass manufacturer in Mexico, and one of the largest in the world, backed by more than 100 years of experience in the industry. Headquartered in Monterrey, Mexico, the Company has subsidiaries in 10 countries throughout Europe and the Americas, through which it offers high quality products and reliable services that address the needs of two distinct businesses: containers and flat glass. Vitro?s manufacturing facilities produce, process, distribute and sell a wide range of glass products that form an important part of millions of people?s everyday lives. The Company also provides excellent solutions to a variety of industries, including: food, beverage, wines & spirits, cosmetics, and pharmaceutical, as well as the automotive and construction industries. In addition Vitro is a supplier of raw materials, machinery and industrial equipment. As part of its culture of corporate responsibility, the Company continues to create new initiatives to improve the well-being of its employees, support the communities in which it conducts business, preserve the environment, and manage its business with the highest ethical standards and in complete transparency. For more information, you can access Vitro?s Website at: http://www.vitro.com

This announcement contains statements about future events regarding Vitro, S.A.B. de C.V. and its subsidiaries. While Vitro believes that forward-looking statements are based on reasonable assumptions, all such statements reflect Vitro?s current views with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in this press release. Many factors could cause Vitro?s actual results, performance or achievements to be materially different from anticipated future results, performance or achievements that may be expressed or implied by such forward-looking statements. In particular, completion of the offers described above or the Concurso Plan on the basis described, or at all, is uncertain. Vitro does not assume any obligation to, and will not, update these forward-looking statements.For more information, please contact:Medio Relations Roberto Riva Palacio Vitro S.A.B. de C.V.

+ (52) 81-8863-1661


Investor Relations Adrián Meouchi/Jesús Flores Vitro, S.A.B. de C.V.

+ (52) 81-8863-1765/1730

ameouchi@vitro.com jfloresb@vitro.com

Agencia en EUA

Kay Breakstone / Barbara Cano

Breakstone Group

(646) 452-2332 / 2334 kbreakstone@breakstone-group.com


600450 Texas Court Grants Chapter 15 Recognition for Vitro SAB’s , StaMexican Proceedingying Further Actions Against It in the U.S. glassonweb.com
Date: 27 July 2011
Source: http://www.4-traders.com

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