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U.S. Bankruptcy Court Clarifies Opinion on Vitro S.A.B.'s Mexican Plan of Reorganization

Vitro Plans to Appeal Bankruptcy Court Decision

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SAN PEDRO GARZA GARCIA, Nuevo Leon, Mexico, June 15, 2012 /PRNewswire/ -- Vitro S.A.B. de C.V. (BMV: VITROA) announced today that the U.S. Bankruptcy Court in Dallas, Texas, has issued a clarification to its June 13, 2012 opinion regarding enforcement in the U.S. of Vitro's financial restructuring. The Bankruptcy Court's clarification order made clear that enforcement in the United States of Vitro's Mexican court-approved Concurso plan was denied in its entirety. Vitro intends to immediately seek appeal to the United States Court of Appeals for the Fifth Circuit.

"We are disappointed by the judge's clarification in this matter, and will appeal this decision," said Claudio Del Valle, Vitro's Chief Restructuring Officer. Mr. del Valle added: "We will continue to defend the enforcement of our restructuring."

Vitro's restructuring complied with applicable Mexican bankruptcy law which, since its enactment in 2000 by the Mexican legislature, has been recognized by U.S. courts in Chapter 15 proceedings without exception as providing fair, clear rules for the administration of multinational restructurings such as Vitro's.  Notably, no U.S. bankruptcy court has ever denied a request to enforce a plan of reorganization approved under the Mexican bankruptcy law in its 12 year history.

Vitro, S.A.B. de C.V. (BMV: VITROA), is the leading glass manufacturer in Mexico and one of the world's major glass companies, backed by more than 100 years of experience in the industry. Founded in 1909 in Monterrey, Mexico, the company currently has subsidiaries in America and Europe, which offer quality products and reliable services to meet the needs of two different types of business: glass containers and flat glass. Companies of Vitro produce, process, distribute and market a wide range of glass articles which are part of the daily life of thousands of people. Vitro offers solutions for multiple markets including food, drinks, wines, liquors, cosmetics and pharmaceuticals, as well as the architectural and automotive. The company is also a supplier of raw materials, machinery and equipment for industrial use. As a socially responsible company, Vitro implements various initiatives to contribute to improving the quality of life of its employees, providing support to the communities where it has presence, preserving the environment and favoring an ethical and transparent management. For more information, please consult the website: http://www.vitro.com  

This announcement contains statements about future events regarding Vitro, S.A.B. de C.V. and its subsidiaries. While Vitro believes that forward-looking statements are based on reasonable assumptions, all such statements reflect Vitro's current views with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in this press release. Many factors could cause Vitro's actual results, performance or achievements to be materially different from anticipated future results, performance or achievements that may be expressed or implied by such forward-looking statements. In particular, completion of the offers described above or the Concurso Plan on the basis described, or at all, is uncertain.  Vitro does not assume any obligation to, and will not, update these forward-looking statements.

 

For further information, please contact:

 

MEDIA

INVESTOR RELATIONS

MEXICO

U.S.A.

MEXICO

U.S.A.

Roberto Riva Palacio

Liz Cohen / Michael Gonda

Jesus N. Medina

Kay Breakstone / Barbara Cano

Vitro, S.A.B. de C.V.

(212) 445-8044 / 8275

Vitro S.A.B. de C.V.

(646) 452-2332 / 2334

+ 52 (81) 8863-1661

liz.cohen@webershandwick.com

+ 52 (81) 8863-1730

kbreakstone@breakstone-group.com

rriva@vitro.com

mgonda@webershandwick.com

jnmedina@vitro.com

bcano@breakstone-group.com









 

SOURCE Vitro S.A.B. de C.V.



RELATED LINKS
http://www.vitro.com

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