Vitro is Granted Temporary Restraining Order

Court Enjoins Dissident Funds’ Attempts To Collect From Vitro’s US Customers Pending a Final Determination on Enforcement of Mexican Plan of Reorganization in USVitro S.

A.B. de C.V. (BMV: VITROA) announced that the U.S. Bankruptcy Court in Dallas, Texas hasgranted a temporary restraining order (a “TRO”) to preserve the status quo pending the Court’s determination of whether to grant Vitro’s motion to enforce in the United States its Mexican plan of reorganization, which was consummated in Mexico on February 23,2012.

By its terms, the TRO prevents the vulture funds that have been collaterally attacking Vitro’s reorganization plan in the U.S. from seeking to collect on judgments and seize assets belonging to Vitro -- in particular, accounts receivable owed from Vitro’s U.S. customers.

The Court has scheduled a hearing on the enforcement of Vitro’s plan in the U.S. to take place the week of April 9, 2012 and has indicated that it will extend the injunctive relief granted by the TRO, as necessary.

As the Bankruptcy Court stated in the TRO, “a quick final determination of the Enforcement Motion would be in everyone’s interest, and preserving the status quo is not adverse to the public interest.”

Read more below.

600450 Vitro is Granted Temporary Restraining Order
Date: 14 March 2012

See more news about:

Others also read

Walker Glass manufactured a low-iron glass with white, backpainted and bronze-tinted mirror with a satin acid etch applied.
Mountain views, energy efficiency highlight new Ent Center at UC Colorado Springs.
New site highlights the beauty, durability and value of premium shower glass.
Advanced low-e glass glazings fulfill demand for clarity, solar control performance.
Multinational clothing retailer H&M wants people to “stop in their tracks” when they see the company’s first flagship store in Canada.

From industry


Vitro Architectural Glass (Formerly PPG Glass)
Vitro Architectural Glass (Formerly PPG Glass)

Add new comment