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Vitro to seek buyer for U.S. business if ruled in Chapter 11

Post Time:Apr 01,2011Classify:Industry NewsView:69

Vitro SAB, the Mexican glassmaker that defaulted on $1.2 billion of bonds, will seek a buyer for its U.S. operations if a Texas judge declares it in Chapter 11 bankruptcy, said Alejandro Sanchez, Vitro’s chief legal director.

The U.S. operations have few assets -- two small glass processing plants and distribution networks -- and would face liquidation without a buyer, Sanchez said.

“We’re looking for alternatives so it doesn’t have to be liquidated,” Sanchez said. “If you have someone who’s willing to invest, you give peace of mind to your workers, your suppliers and your customers,” according to a March 31 Bloomberg report

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Source: http://www.glassmagazine.com/news-item/commercial/vitro-seek-buyer-us-business-if-ruled-chapter-11-117873Author:

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