The Mexican glassmaker Vitro SA could complete its sale of Anchor Glass Container Corp. of the United States in December, a top official said on 26 November.
According to Pablo Gonzalez Sada, head of…
The Mexican glassmaker Vitro SA could complete its sale of Anchor Glass Container Corp. of the United States in December, a top official said on 26 November. According to Pablo Gonzalez Sada, head of Vitro“s flat glass unit, the sale should be concluded in the month of December. He explained that the sale no longer depends on Vitro but on the courts because the company is in the process of Chapter 11 bankruptcy. Anchor filed for Chapter 11 protection in the US Bankruptcy Court on 13 September 1996 as Vitro sought to sell it to Ball-Foster Glass Container. That operation was finalised on 4 October, with Ball Foster paying US$ 365 million in cash and the assumption of certain liabilities. The deal has now to be approved by the bankruptcy court. Gonzalez Sada said Vitro employees working at Anchor Glass have now returned to Mexico.