Vitro Allowed to Auction Assets of U.S. Units in Bankruptcy

Date: 11 May 2011
Source: www.bloomberg.com

Date: 11 May 2011

Vitro SAB, the Mexican glassmaker that defaulted on $1.2 billion in bonds, won court approval to sell assets of U.

S. units in bankruptcy that rival bidders are vying for.

U.S. Bankruptcy Judge Barbara Houser in Dallas ruled at a hearing today that Vitro can auction its Vitro America and Super Sky Products assets. The company has a deal to sell the assets to private-equity firm Grey Mountain Partners for $44 million subject to higher bids. Sun Capital Partners, another private equity firm that owns a Vitro competitor, offered $45 million.

Vitro put the units into bankruptcy last month amid a fight with bondholders that tried to force Vitro subsidiaries into bankruptcy following the company’s default.

Vitro creditors asked Houser to postpone the hearing, saying the company was rushing to sell without ensuring it was getting the best price. They also called the deal with Grey Mountain “deeply flawed” in a court filing.

Creditors pointed to a statement by Vitro’s parent when it released earnings that Vitro America is a strategic business and that the parent “is considering maintaining an ownership participation” in the unit after the sale.

Abid Qureshi, a lawyer for the committee, said at the hearing that negotiations between Vitro’s parent and Grey Mountain are ongoing.

Read more on link below.
600450 Vitro Allowed to Auction Assets of U.S. Units in Bankruptcy glassonweb.com

See more news about:

Others also read

MORE...

Solar Photovoltaic (PV) Power Market - Global Solar Photovoltaic Market Will Sustain its Growth Momentum
DALLAS, Texas, December 22, 2011 /PRNewswire/ --ReportsnReports adds new market research report 'Solar Photovoltaic (PV) Power - Global Market Size, Installation Prices, Module Market Shares, Market Segmentation, Regulations and Key Country Analysis to 2020' to its store.
New Product Allows Building Windows to Become "Solar Farms"
Proprietary laminate windows collect, store energy; convert it to electricityRIVIERA BEACH, FL – An innovative new patented technology transforms office building windows into "solar farms" and allows these structures to reuse collected energy and become self-sufficient in the event of a power outage.
Historically-styled windows contribute to modern comforts, architectural integrity, sustainability of U of MN Folwell Hall renovation
The University of Minnesota's historic Folwell Hall completed three years of extensive renovation, just time for the 2011 academic year.
Glass Doctor Names New Vice President of Operations
Michael Gai has been named Vice President of Operations at Glass Doctor, following the recent promotion of Mark Liston to President.
Safelite Announces Fleet Contract with Ford
COLUMBUS, Ohio – Dec. 19, 2011 – Safelite AutoGlass®, the nation’s largest provider of vehicle glass repair and replacement services with a fleet of 6,000, announced it will transition to Ford®.
AAMA Corporate Membership Renewal Process Opens, Recruitment Incentive Program Added
The renewal process for AAMA Corporate Members is now open. AAMA Corporate Membership is available to businesses involved in the manufacture, sale or service of fenestration products and is renewed on an annual basis.

Add new comment