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Appeal Against Vitro Dismissed

Post Time:Mar 13,2012Classify:Company NewsView:246

 

The U.S. Court of Appeals for the Fifth Circuit has issued a ruling granting Vitro SAB's motion to dismiss in a case filed by a group of the company's noteholders against it. The case originated in the U.S. District Court for the Northern District of Texas.

 

"We find no basis to exercise appellate jurisdiction," writes the court in its opinion. "The 'orders' appealed from are not 'final' ... No petition for mandamus is currently being asserted. Nor have we appellate jurisdiction ... to 'protect' our jurisdiction in this case. Further, although it would seem that the criteria for certification of the appeal to this court in the first instance were satisfied, the bankruptcy court refused to certify its decision for interlocutory appeal ...

 

"In holding that we lack jurisdiction over the prior appeal, we note that the parties appear to have fully briefed the merits, with the exception of mootness. To the extent they have done so, it is unnecessary for them in subsequent activity on the new appeal to repeat this briefing ..." the documents state.

 

Vitro of Mexico filed for bankruptcy last year.

 

In other news in Vitro's ongoing legal battles, the U.S. Bankruptcy Court in Dallas has granted a temporary restraining order 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, according to an announcement late this afternoon from Vitro.

 

By its terms, the temporary restraining order prevents the funds that have been pursued legal action against Vitro 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, according to Vitro.

 

Source: http://www.usgnn.comAuthor: shangyi

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