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UPDATE about complaint filed regarding 'hurried' sale of Vitro subsidiaries

Post Time:May 03,2011Classify:Industry NewsView:76

Upon publication, Glass Magazine was informed thatthisstory citing Oldcastle BuildingEnvelope, as initially reported by Bloomberg, was inaccurate.

However, court documents have been filed in regards to the sale of Vitro SAB's four U.S. subsidiaries: Vitro America, Super Sky Products, Super Sky International and VVP Finance Corp. According to documents filed in the United States Bankruptcy Court for the Northern District of Texas Dallas Division, American Glass Enterprises LLC, an affiliate of Sun Capital Partners, is objecting to the bidding procedures.

According to court documents, American sent a letter to the debtors, expressing its desire to purchase substantially all of the debtors' assets on substantially similar terms and conditions to Grey Mountain, except American offered a purchase price of $45 million and indicated that it would forego a break up fee.

American is asking that this higher bid serve as the stalking horse bid to beat at auction. In addition, it is asking that Grey Mountain's break up fee request be denied and other aspects of the bid procedures be modified.

On April 6, 2011, officials at Vitro America, Memphis, announced that the company and three other U.S. subsidiaries had entered into an agreement to sell substantially all of the assets of Vitro America and Super Sky to an affiliate of Grey Mountain Partners, LLC, a private equity firm based in Boulder, Colo.

Sun Capital Partners, Boca Raton, Fla., is a private investment firm specializing in leveraged buyouts and investments. It purchased Arch Aluminum & Glass, Tamarac, Fla., in February 2010. More recently, it was announced that a Sun Capital affiliate had acquired United Glass Corp., Louisville, Ky.

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