Vitro Says Mexican Judge Has Approved Debt Restructuring

Mexican glass maker Vitro SAB said Tuesday that a court in Mexico has approved its debt restructuring, but that it expects certain of its bondholders who have fought the deal to continue efforts against the plan, Dow Jones reported. In a press release, Vitro said a judge in Monterrey approved the proposed restructuring put forward by the conciliator in the case. The restructuring of $1.5 billion in third-party debt has caused controversy among bondholders, as it involves Vitro voting on an additional $1.9 billion in intercompany debt to secure the majority needed for approval. Vitro, which has been working on a debt overhaul since defaulting in early 2009, said Tuesday that it hopes to implement the restructuring plan as soon as possible. The company said the plan has the approval of holders of 74% of the restructured debt, but that it foresees a group of bondholders opposed to the terms of the restructuring will continue to battle the deal in the courts. Read more. (Subscription required.)