Vitro S.A.B. de C.V. has announced the filing of its voluntary petition for a pre-packaged Concurso Plan in the Federal District Court for Civil/Labor Matters for the State of Nuevo León, thereby commencing its voluntary concurso mercantil proceedings. Following the filing in Mexico, Vitro intends to commence an ancillary case under chapter 15 of the US Bankruptcy Code, requesting that the US Bankruptcy Court recognize & give deference to its proceedings in Mexico. Vitro also will ask the Bankruptcy Court to protect it & its non-US subsidiaries from creditor actions in the US while the Mexican proceedings are pending. Once the Concurso Plan is approved by the Mexican court at the conclusion of the Mexican proceedings, Vitro further intends to ask the Bankruptcy Court to enforce the terms of its restructuring in the US, including the cancellation of all Old Notes & the issuance of the New Notes in exchange. Three funds managed by Aurelius Capital Management filed suit against Vitro & several of its subsidiaries in NY State court on 3 Dec/10, premised on Vitro's default & non-payment of the Old Notes, & obtained from the court a pre-judgment order of attachment on any assets of Vitro located in New York.
