Vitro S.A.B.Wins Appeal; Begins its Pre-Packaged Concurso Mercantil Process

Date: 12 April 2011
Source: Vitro S. A. B. de C.V
Vitro S. A. B. de C.V. announced that in a resolution from the Judge for the Second Unitary Court of the Fourth Circuit in Monterrey (the Court), the appeal proceedings submitted by Vitro has been resolved its in favor.

As part of such resolution, the Court has declared Vitro in concurso mercantil [bankruptcy proceedings] based on its pre-packaged voluntary proceedings petition, which the company says is supported by more than 650 bondholders and holders of other financial instruments.

Regarding this ruling, Alejandro Sánchez Mújica, executive legal president and general counsel of Vitro, commented, “It is now the responsibility of the Fourth Federal District Court for Civil and Labor Matters in the State of Nuevo León to continue with the pre-packaged concurso mercantil process, and to stay or make a ruling regarding the involuntary concurso mercantil suit filed by a minority group of bondholders in which the Visitador appointed by the IFECOM (Federal Institute of Specialists on Mercantile Procedures) rendered his opinion stating that on the date the involuntary suit was filed, this petition did not comply with the legal requirements established in the Mexican Law to grant the concurso mercantil as petitioned by the plaintiffs.”

Vitro expects that this resolution will expedite its restructuring process, while it continues operating normally and fulfilling its commitments to customers, suppliers and employees as has been the case to date.

Company spokesperson Albert Chico Smith told that this will have no affect on Vitro America’s potential sale of its assets to Grey Mountain Partners, LLC.

600450 Vitro S.A.B.Wins Appeal; Begins its Pre-Packaged Concurso Mercantil Process

See more news about:

Others also read

Proprietary laminate windows collect, store energy; convert it to electricityRIVIERA BEACH, FL – An innovative new patented technology transforms office building windows into "solar farms" and allows these structures to reuse collected energy and become self-sufficient in the event of a power outage.
DALLAS, Texas, December 22, 2011 /PRNewswire/ --ReportsnReports adds new market research report 'Solar Photovoltaic (PV) Power - Global Market Size, Installation Prices, Module Market Shares, Market Segmentation, Regulations and Key Country Analysis to 2020' to its store.
The University of Minnesota's historic Folwell Hall completed three years of extensive renovation, just time for the 2011 academic year.
The development of ESG’s privacy glass product, ESG Polyvision™, has quite literally reached new heights.
We sincerely thank all our members, friends and visitors for being part of GlassOnWeb and its success during 2011.
Michael Gai has been named Vice President of Operations at Glass Doctor, following the recent promotion of Mark Liston to President.

Add new comment