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Vitro posts big decline; Mexican government files papers to reinforce reorganization in the U.S.

Post Time:Oct 18,2012Classify:Industry NewsView:68

Vitro SAB posted its biggest decline in more than three years, erasing earlier gains that followed the Mexican government’s call for a U.S. appeals court to enforce the glassmaker’s reorganization in the United States, according to an October 17 Bloomberg Businessweek report.

The Mexican government filed papers this week urging the appeals court to reverse an earlier court decision and enforce the reorganization of Vitro in the U.S. Vitro exited bankruptcy in Mexico earlier this year after a Mexican judge approved its restructuring plan. While the plan is valid in Mexico, it’s currently unenforceable in the U.S., after a bankruptcy judge in Dallas ruled in June that the company’s plan was “manifestly contrary” to U.S. policy, according to the Businessweek article.

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