Dec 5 (Reuters) – The United States Bankruptcy Court for the Northern District of Texas ordered that 10 units of Mexican glassmaker Vitro S.A.B. de C.V. (“Vitro”) be put into U.S. bankruptcy, and found that several of them had taken secret steps to prevent creditors from collecting money owed to them. Several U.S. hedge funds, led […]
Read MoreThe recent case of In re Vitro S.A.B. de C.V., No 12-10542 (5th Cir. Nov. 28, 2012) involves the recognition and enforcement by a United States Federal Court of a foreign bankruptcy proceeding and foreign plan of reorganization, pursuant to Chapter 15 of the Bankruptcy Code. An earlier discussion of this case appears in a prior submission entitled […]
Read MoreVitro S.A.B. de C.V., a leading manufacturer of glass in Mexico, recently received approval of its restructuring plan under Mexican Insolvency Law (Ley de Concursos Mercantiles), in large part because a federal bankruptcy court in the U.S. halted the efforts of certain bondholders to prosecute a New York lawsuit against Vitro that contravened chapter 15 of the Bankruptcy Code. In July 2011, Vitro […]
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