Filtraglass
Banner

Vitro: new developments in bankruptcy case

The US Circuit Court of Appeals in New Orleans halted a hearing where holders of some of Vitro’s USD 1.2 billion in defaulted bonds were asking the judge to force Vitro’s non-bankrupt subsidiaries to torpedo the parent’s bankruptcy reorganization in a court in Mexico.

Mexican glass manufacturer Vitro SAB de CV won another victory when the US Circuit Court of Appeals in New Orleans halted a hearing where holders of some of Vitro’s USD 1.2 billion in defaulted bonds were asking the judge to force Vitro’s non-bankrupt subsidiaries to torpedo the parent’s bankruptcy reorganization in a court in Mexico.
According to a recent report, “Bondholders don’t like the Mexican plan because it would allow shareholders to retain ownership even though the bonds aren’t fully paid. In addition, bondholders fault Mexican procedures because the Vitro parent is using USD 1.9 billion in claims held by subsidiaries to vote down opposition from third-party bondholders.”

Sign up for free to the glassOnline.com daily newsletter

Subscribe now to our daily newsletter for full coverage of everything you need to know about the world glass industry!

We don't send spam! Read our Privacy Policy for more information.

Share this article
Related news