Vitro Extends Expiration Time for Exchange Offer; Responds to Statements of Bondholders

According to Vitro, this supplement included certain technical changes to the procedures described in the offer documents to facilitate participation in the solicitation transactions and provides certain updating disclosure. Both offers were previously scheduled to expire at 9 a.m. EST on December 1, 2010. Vitro is extending the expiration time for both offers to 5 p.m. EST on December 7, 2010. Following the expiration time, Vitro plans to initiate the previously announced pre-packed insolvency process in Mexico.

Vitro is extending the expiration time at the request of market participants, even though it has the required majority to implement the Concurso Plan, to facilitate participation in the solicitation transactions. 

The statement also addressed the recent bankruptcy petition, calling it "baseless." According to the company: 

"The bankruptcy petition was signed only by these four bondholders. No other bondholders have stepped forward to initiate litigation against Vitro notwithstanding the unsubstantiated statements made by the advisors to these dissident bondholders in an effort to influence creditor participation and manipulate the market in Vitro's securities."

Vitro has engaged the law firm of Susman Godfrey L.L.P. as special litigation U.S. Counsel in order to analyze the rights that the company may exercise in the United States against this group of bondholders. The statement further notes: 

"The public statements made by the dissent bondholder group alleging that bondholders who choose to participate in Vitro's outstanding restructuring offer will be worse off (or would otherwise receive a lower recovery) than those who do not participate are blatantly misleading and false and contrary to the express terms of the restructuring offer described in the offer documentation." Vitro continues to expect that both offers will be concluded successfully.

"Due to a clear reflection of a divided ad doc Bondholder Committee, Vitro strongly encourages its bondholders to objectively analyze the terms and conditions of the tender offer, and the exchange offer and consent solicitation," says Claudio Del Valle, chief restructuring officer of Vitro, "and we also urge each of them to respond to the tender offer and the exchange offer and consent solicitation promptly."

Read the company's full statement www.vitro.com/vitro_corporativo/docs/ingles/101123i.pdf.