Feb. 16. 2012 – Vitro reports that a California judge has issued her final ruling approving the restructuring plan filed by the
Mexican Conciliador and approved by the majority of the recognized creditors and
the company, according to Mexican insolvency law. Hugo A. Lara Garcia,
Vitro's CEO, said "We are very pleased with this
ruling, which undoubtedly is a turning point in Vitro's more than
century-old history. We are sure that our clients, suppliers, our more
than 17,300 workers and the communities where we are located, will share
our excitement about this ruling. We will continue to work diligently,
as we have for the past months, to be ready to execute the plan as soon
as possible."
The Concurso plan submitted by the Conciliador, which provides for
the replacement of the guarantees that were previously granted by
Vitro's subsidiaries, has the support of the vast majority of the
recognized creditors, representing 74.2 per cent of the restructured debt, and
including numerous third-party creditors, the holders of the Mexican
Cebures, and many bondholders.
Claudio Del Valle,
Vitro's chief restructuring officer, stated, "We are pleased our
restructuring has been formally recognized by a federal judge as being
fully consistent with Mexican law. The so-called Ad Hoc Group
of bondholders, who are sophisticated investors with an established
pattern of highly litigious behavior, will more than likely continue to
try to undermine our restructuring efforts. However, should these
vulture investors continue to litigate with Vitro for the sole purpose
of self-enrichment, we are confident that we will continue to prevail,
and that we will be able to implement the restructuring agreement as
soon as possible, thus beginning a new era for Vitro."
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