MEXICO — Vitro Submits Restructuring Agreement
December 7, 2011
On December 6, within the 7-day terms referred to in the third paragraph of Article 161 of the Mexican Insolvency Law, Javier Navarro, the mediator in Vitro S.A.B. de C.V.’s insolvency proceedings, submitted the restructuring agreement signed by the company and by close to 850 recognized creditors holding more than 74 percent of Vitro’s debt to the judge overseeing the case, according to a company release.
“The economic improvements included in the restructuring agreement presented by the mediator, as well as the negotiations carried out, have resulted, according to a statement made by the mediator, in support exceeding 74 percent [of] Vitro’s debt for the restructuring plan,” says Claudio Del Valle, Vitro’s chief restructuring officer. “Close to 850 creditors have consented to the restructuring agreement, which contrasts with the six dissident investment funds specialized in litigation led by Aurelius and Elliott which, according to information in hand, represent less than 17 percent of the debt to be restructured.”
The judge now will submit the restructuring agreement and its summary to the recognized creditors for a period of five days for their review, according to the release.
“The company is working to execute the plan as soon as possible, once the ruling ultimately approving the restructuring agreement and terminating the insolvency proceeding is issued, which I expect could happen in the next 30 days,” says Del Valle.
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