District Judge Accepts Vitro's Application for Prepackaged Insolvency

According to a statement issued by the company, the judge's acceptance of the insolvency proceeding with restructuring plan is a breakthrough for those creditors and other stakeholders interested in the company moving forward in this process as soon as possible.

According to a Vitro representative, the process for the pre-packaged Concurso plan with the support of 68 percent of its creditors will not be affected by the actions of its subsidiaries in the United States, and "once the court dictate acceptance for the Concurso any action shall be void.

"Even though a minority group of only four bondholders, representing less than 6 percent of Vitro's outstanding consolidated debt to be restructured, filed an involuntary bankruptcy case under Chapter 11 of the U.S. Bankruptcy Code against Vitro's U.S. subsidiary guarantors, Vitro America and other subsidiaries involved in this litigation in the United States, continue to work normally and are taking the necessary actions to ensure they continue to operate without changes in their production processes," the spokesperson adds.