From the Wires
Mexican Court Confirms Decision Recognizing Claims and the Priority Thereof in Vitro's Concurso Mercantil
Ruling is a relevant step towards the final conclusion of the legal proceedings initiated by certain creditors and creates an important precedent for ongoing appeals
By: PR Newswire
Nov. 26, 2012 06:40 PM
SAN PEDRO GARZA GARCIA, Nuevo Leon, Mexico, Nov. 26, 2012 /PRNewswire/ -- Vitro S.A.B. de C.V. ("Vitro" or the "Company") reports that the Judge for the Second Circuit Court in the City of Monterrey, Claudio Perez Hernandez, issued Friday, November 23, 2012 and notified today, a decision regarding the appeals by certain dissidents bondholders and Vitro with respect to the ruling recognizing and establishing the priority of claims in the prepackaged Mexican Concurso proceeding commenced by the Company and a majority of its creditors.
The Judge ruled that the dissident bondholders' grievances were without merit, and also affirmed the Company's challenge regarding the calculation of interest the bondholders are attempting to collect.
Referring to this decision, Alejandro F. Sanchez Mujica, Vitro's Executive Legal President and General Counsel, said: "We are very pleased with this decision as it confirms once again that Vitro has acted in accordance with the law. In addition to being an important step towards the final conclusion of the various appeals initiated by certain dissident bondholders, this ruling also creates a very important precedent for ongoing proceedings."
Given the highly litigious behavior of the dissident bondholders, Vitro anticipates that this decision will be contested through an injunction (amparo); the Company will continue to assert its rights, and remains confident in the strength of its arguments.
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 the Americas, 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:
SOURCE Vitro S.A.B. de C.V.
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