Court Order Says Involuntary Petition Against Vitro has Been Dismissed
July 27, 2011
The judge overseeing Vitro S.A.B.’s bankruptcy case in the U.S. Bankruptcy Court for the Northern District of Texas has granted an order clarifying that the involuntary petition of bankruptcy brought against Vitro Asset Corp. has been dismissed.
According to the order “Upon the motion of the Petitioning Creditors for the entry of an Order clarifying that … the Involuntary Cases and the Involuntary Petitions have been dismissed and that any stay pursuant to section 362 of the Bankruptcy Code, Bankruptcy Rule 7062, or otherwise does not apply to the Involuntary Cases or the Alleged Debtors …”
The order also notes that “the Court shall retain jurisdiction to consider any application filed by the Alleged Debtors for costs under section 303(i) of the Bankruptcy Code. All of the Alleged Debtors’ and the Petitioning Creditors’ rights with respect to any such application are reserved.”
Last November four Vitro S.A.B. creditors had filed a petition for involuntary bankruptcy against 15 of the company’s U.S. subsidiaries. The creditors that brought the action forth included Knighthead Master Fund LP in New York, with a claim of approximately $42 million in senior notes; Brookville Horizons Fund L.P. in Greenwich, Conn., with a claim of $2 million in senior notes; Davidson Kempner Distressed Opportunities Fund LP in New York, with a claim of approximately $11 million in senior notes; and Lord Abbett Bond-Debenture Fund Inc. in Jersey City, N.J., with a claim of $20 million in senior notes.
Vitro Asset Corp. (f/k/a American Asset Holdings Corp.) includes Troper Services Inc., Amsilco Holdings Inc., B.B.O. Holdings, Inc., Binswanger Glass Company (f/k/a Troper Inc.), Crisa Corporation, V-MX Holdings, LLC (f/k/a Crisa Holdings Corp.), Vitro Packaging LLC, Vitro Chemical, Fibers and Mining, LLC and VVP Auto Glass Inc.
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