Vitro Sidesteps Legal Block to Restructuring

Vitro Sidesteps Legal Block to Restructuring

Mexico Corporate & Sovereign Strategy US

Mexico’s troubled glass maker Vitro managed to sidestep a restraining order preventing its subsidiaries from voting for a controversial $3.6bn debt restructuring that has bondholders up in arms. The US Court of Appeals for the Fifth Circuit reinstated the company’s Chapter 15 filing rights and eliminated a NY State Supreme Court’s mid-December restraining order blocking the company’s subsidiaries from voting in favor of Vitro’s restructuring plan. Vitro supported the move in a press statement an

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