Vitro Judge Set To Rule On Bankruptcy Plan Next Week
Vitro SAB’s bid to enforce its Mexican bankruptcy plan in the U.S. is set to be decided by a judge next week after the glassmaker clashed with bondholders in court over the plan, Bloomberg reported. U.S. Bankruptcy Judge Harlin DeWayne Hale in Dallas said in court today that he plans to rule on Vitro’s enforcement motion next week, probably by June 13. Vitro, which has won approval for the bankruptcy plan in Mexico, is seeking an order from Hale enforcing the restructuring and stopping litigation by bondholders who have been fighting the plan in the U.S. and Mexico in an effort to collect on $1.2 billion in defaulted bonds. Andrew Leblanc, an attorney for Vitro, said in his closing argument today that the Mexican approval is “worthy of respect” in the U.S. and should be enforced. Read more.