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Vitro is Granted Temporary Restraining Order

Post Time:Mar 14,2012Classify:Industry NewsView:33

Court Enjoins Dissident Funds’ Attempts To Collect From Vitro’s US Customers Pending a Final Determination on Enforcement of Mexican Plan of Reorganization in US

Vitro S.A.B. de C.V. (BMV: VITROA) announced that the U.S. Bankruptcy Court in Dallas, Texas hasgranted a temporary restraining order (a “TRO”) 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.

By its terms, the TRO prevents the vulture funds that have been collaterally attacking Vitro’s reorganization plan 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, 2012 and has indicated that it will extend the injunctive relief granted by the TRO, as necessary.

As the Bankruptcy Court stated in the TRO, “a quick final determination of the Enforcement Motion would be in everyone’s interest, and preserving the status quo is not adverse to the public interest.”

Read more below.

Source: http://www.glassonweb.com/news/index/15356/Author:

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