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Vitro bondholder collections barred until judge rules on enforcement of Mexican concurso plan in U.S.

Post Time:Mar 13,2012Classify:Company NewsView:238

 

Officials of Vitro S.A.B. de C.V. announced, March 12, that the U.S. Bankruptcy Court in Dallas has issued a temporary restraining order preventing bondholders from seeking to collect on judgments and seize assets belonging to Vitro, in particular, accounts receivable owed from Vitro's U.S. customers.

 

The restraining order is intended to maintain the "status quo" until the court determines whether or not Vitro's reorganization plan--approved in Mexico in late February--can be enforced in the U.S. The court has scheduled a hearing the week of April 9, 2012, according to a March 12 PRNewswire release.

 

“This order should not be construed by any party or touted as a victory,” said Judge Harlin Hale in a ruling cited by Bloomberg. “It is simply an attempt to maintain the status quo for a short period until the ultimate issue in the case, the enforceability of the Mexican plan” in the U.S., can be decided, he said, according to the March 12 Bloomberg report.

 

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

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