Vitro Announces Completion of Reorganization under the Ley de Concursos Mercantiles

Vitro S.A.B. de C.V. announced on Feb.23, 2012 that it has consummated the concurso plan approved by the Fourth Federal District Court for Civil and Labor Matters for the State of Nuevo Leon according to Mexican Insolvency Law (Ley de Concursos Mercantiles) on February 3, 2012.

In accordance with the terms of the concurso plan, Vitro issued new 8.0% notes due in 2018 (the "2018 Notes") and 12.0% mandatorily convertible debentures due in 2015 (the "MCDs") -together with the 2018 Notes, the "New Notes"- and paid a cash restructuring fee to third party payment trusts, which will issue the corresponding Credit Linked Notes tied to the New Notes and will deliver them and the restructuring fee to holders of recognized claims in the concurso mercantil proceedings that consented to the concurso plan. Another trust will hold the restructuring consideration in favor of the holders of recognized claims that did not consent the concurso plan, for delivery to those holders who later execute and deliver the appropriate receipt and acknowledgement.

By approving the concurso plan, the Mexican District Court: (i) discharged the obligations of Vitro and its subsidiaries under Vitro's: (1) 8.625% Senior Notes due February 1, 2012 (the "2012 Notes"), (2) 11.75% Senior Notes due November 1, 2013 (the "2013 Notes"), (3) 9.125% Senior Notes due February 1, 2017 and (4) other debt instruments; and (ii) ordered Vitro to issue to its unsecured creditors the 2018 Notes, guaranteed by, among others, certain subsidiaries of Vitro, the MCDs due in 2015 and to pay the restructuring fee.

Mr. Claudio Del Valle, Vitro's Chief Restructuring Officer stated, "Vitro is emerging from one of the most challenging periods of its storied history. Despite the efforts of a handful of highly litigious vulture investors, we have successfully implemented the concurso plan, thus beginning a new era for Vitro. Vitro is now a stronger, more competitive company, with a solid financial foundation and a bright future."

Vitro, S.A.B. de C.V. (bmv:VITROA), is the leading glass manufacturer in Mexico and one of the world's major glass companies, backed by more than 100 years of experience in the industry. Founded in 1909 in Monterrey, Mexico, the company currently has subsidiaries in America and Europe, which offer quality products and reliable services to meet the needs of two different types of business: glass containers and flat glass. Companies of Vitro produce, process, distribute and market a wide range of glass articles which are part of the daily life of thousands of people. Vitro offers solutions for multiple markets including food, drinks, wines, liquors, cosmetics and pharmaceuticals, as well as the architectural and automotive. The company is also a supplier of raw materials, machinery and equipment for industrial use. As a socially responsible company, Vitro implements various initiatives to contribute to improving the quality of life of its employees, providing support to the communities where it has presence, preserving the environment and favoring an ethical and transparent management. For more information, please consult the website:

600450 Vitro Announces Completion of Reorganization under the Ley de Concursos Mercantiles
Date: 28 February 2012
Source: Vitro, S.A.B. de C.V.

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