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District judge admits Vitro’s application for prepackaged insolvency

Post Time:Jan 03,2011Classify:Industry NewsView:155

Officials of Vitro SAB de CV, Mexico, announced Dec. 27, 2010, that the judge of the Fourth Civil and Labor District Court in the city of Monterrey, Nuevo León,accepted the company's insolvency application with restructuring plan.

"This is a very important step in our orderly restructuring process, aimed to create value for the majority of creditors within a shorter period than the one to be achieved through an involuntary proceeding, since it allows [us] to go directly into the conciliation stage, arriving sooner[at] the credit acceptance stage and finally[voting] on the proposed restructuring plan," said Alejandro Sánchez Mújica, Vitro’s general counsel, in the release.

The judge's acceptance of the insolvency proceeding with restructuring plan is a major breakthrough for the majority of creditors and other stakeholders interested in the company moving forward in this process as soon as possible, the release states. This process will increase the value of their investment ... and give the company long-term viability, preserving the source of employment and Vitro's competitiveness, according to the release.

?Read the full release.

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