UPDATED: Vitro announces completion of reorganization under concurso plan

UPDATE: U.S. Bank NA has suedMexican glass manufacturer Vitro SAB on behalf of noteholders for about $311 million on unpaid notes, according to a Feb. 23 Bloomberg report. Thecomplaint was filed, Feb. 22, in New York State Supreme Court.

Officials of Mexican glass manufacturer Vitro S.A.B. de C.V. announced in a Feb. 23 PRNewswire release that the company has completed its reorganization per the concurso plan approved by the Fourth Federal District Court for Civil and Labor Matters for the State of Nuevo Leon according to Mexican Insolvency Law.

"Vitro is emerging from one of the most challenging periods of its storied history," saidClaudio Del Valle, Vitro's chief restructuring officer, in the release. "Despite the efforts of a handful of highly litigious vulture investors, we have successfully implemented the concurso plan, thus beginning a new era for Vitro. Vitro is now a stronger, more competitive company, with a solid financial foundation and a bright future."

Vitro received bankruptcy-court approval to sell Vitro America LLC and three other U.S. subsidiaries last June.

Read more...