Vitro Restructuring Faces Court Order

Vitro Restructuring Faces Court Order

Mexico Bonds Corporate & Sovereign Strategy US

A New York Court has slapped a temporary restraining order on Mexico’s Vitro, preventing its subsidiaries from approving a controversial $3.6bn debt restructuring plan that has irked foreign bond holders. Judge Bernard Fried, of the NY State Supreme Court, has ordered Vitro subsidiaries to “withdraw their consent” to the plan. Under the restructuring, Vitro would relieve its subsidiaries of serving as guarantees for outstanding debt. Vitro plans to appeal the ruling, Roberto Riva Palacio, a Vitr

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