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Vitro’s ‘unorthodox’ debt plan spurs U.S. lawmakers’ complaints

Post Time:Oct 25,2011Classify:Industry NewsView:68

Vitro SAB’s use of $1.9 billion in inter-company debt to control its court-supervised restructuring should be examined by Mexico’s government, two U.S. lawmakers told the country’s ambassador, according to an Oct. 24 BusinessWeek article.

“Vitro’s unorthodox reorganization violated international bankruptcy norms by preserving equity for its own shareholders at the expense of its public creditors, many of whom are U.S.- based,”wrote Representatives Patrick Meehan of Pennsylvania and Jared Polis of Colorado, according to the article.

Read a related article, "Vitro Restructuring Would Include $910 million of New Bonds."

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