Mexican court issues final ruling approving Vitro's restructuring plan; CEO says company will work diligently to execute plan as soon as possible
SAN PEDRO GARZA GARCIA, Mexico
February 7, 2012
– Vitro S.A.B. de C.V. ("Vitro" or "The Company") (BMV: VITROA) reports that the Judge for the Fourth District Court Civil and Labor Matters in the City of Monterrey issued her final ruling approving the restructuring plan filed by the Conciliador and approved by the majority of the recognized creditors and the Company, according to Mexican Insolvency Law (Ley de Concursos Mercantiles).
Hugo A. Lara Garcia, Vitro's Chief Executive Officer, said "We are very pleased with this ruling, which undoubtedly is a turning point in Vitro's more than century old history. We are sure that our clients, suppliers, our more than 17,300 workers and the communities where we are located, will share our excitement about this ruling. We will continue to work diligently, as we have for the past months, to be ready to execute the plan as soon as possible."
The Concurso plan submitted by the Conciliador, which provides for the replacement of the guarantees that were previously granted by Vitro's subsidiaries, has the support of the vast majority of the recognized creditors, representing 74.2% of the restructured debt, and including numerous third-party creditors, the holders of the Mexican Cebures, and many bondholders.
Mr. Claudio Del Valle, Vitro's Chief Restructuring Officer stated, "We are pleased our restructuring has been formally recognized by a Federal Judge, as being fully consistent with Mexican law. The so-called Ad Hoc Group of bondholders, who are sophisticated investors with an established pattern of highly litigious behavior, will more than likely continue to try to undermine our restructuring efforts. However, should these vulture investors continue to litigate with Vitro for the sole purpose of self-enrichment, we are confident that we will continue to prevail, and that we will be able to implement the restructuring agreement as soon as possible, thus beginning a new era for Vitro."
Vitro, S.A.B. de C.V. (BMV: VITROA), is the leading company in the manufacture of glass in Mexico and one of the largest in the world, backed up by more than 100 years of experience in the industry. Founded in 1909 in Monterrey, Mexico, the company currently has subsidiaries in America and Europe, which offers quality products and reliable services to meet the needs of two different types of business: glass and flat glass containers. Companies of Vitro produced, processed, distributed and marketed 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, preserve the environment and favoring an ethical and transparent management. For more information, please consult the website: http://www.vitro.com