Vitro Reviewing Legal Alternatives in Response to Fifth Circuit Ruling not to Enforce Vitro's Mexican Restructuring Under

Vitro Reviewing Legal Alternatives in Response to Fifth Circuit Ruling not to
            Enforce Vitro's Mexican Restructuring Under Chapter 15

PR Newswire


SAN PEDRO GARZA GARCIA, NUEVO LEON, Mexico, Nov. 28,2012 /PRNewswire/ --
Vitro S.A.B. de C.V. (BMV: VITROA) announced today that the U.S. Fifth Circuit
Court of Appeals in New Orleans, Louisiana, has affirmed the Bankruptcy
Court's ruling that denied enforcement of the Company's Mexican restructuring
plan in the U.S. under Chapter 15 of the U.S. Bankruptcy Code.

"We are disappointed by the Fifth Circuit Court's decision in this matter. The
refusal to reverse the Bankruptcy Court's decision and enforce Vitro's Mexican
restructuring in the U.S. is contrary to prior Mexican restructurings, which
have been recognized and enforced in the U.S. without exception, including
several restructurings which were very similar to Vitro's in their treatment
of intercompany claims and modification of non-debtor subsidiary guarantees,"
said Claudio Del Valle, Vitro's Chief Restructuring Officer.

Mr. Del Valle further added: "While we analyze the Circuit Court's ruling and
consider our possible legal next steps in order to have our restructuring plan
enforced in the U.S. as it has been in Mexico, we are also prepared to
continue serving our U.S. customers due to the fact that our main subsidiary
is protected by a separate and distinct Concurso proceeding.In Vitro's
100-year history we have overcome many challenges, and this will be no

Vitro's financial restructuring was fully consistent with Mexican law, which
has been consistently recognized and respected in the U.S. legal system. The
dissident funds' attack on the use of intercompany debt in Vitro's financial
restructuring is simply an attempt to create an appearance of impropriety
using baseless accusations. In fact, the dissident funds chose to ignore the
well-established and clear principle that all claims are treated equally and
permitted to vote under Mexican bankruptcy law, even if they are held by an
entity related to the debtor. This principle issimilar to the insolvency
regimes in several other countries, including the UK, Australia, and Italy.

On Friday, November 23, 2012, the Second Circuit Courtin the City of
Monterrey, Mexico issued a decision, (notified November 26, 2012), regarding
the appeals by certain dissident bondholders and Vitro with respect to the
ruling recognizing and establishing the priority of claims in the prepackaged
Mexican Concurso proceeding commenced by the Company and a majority of its
creditors. The judge ruled that the dissident bondholders' grievances were
without merit, and also affirmed Vitro's challenge regarding the calculation
of interest the bondholders are attempting to collect.

The group of highly sophisticated short-term investors who are very familiar
with, and specialize in bankruptcy litigation, invested in Vitro's distressed
debt either after or shortly before Vitro announced its intention to enter a
judicial restructuring process in Mexico in a calculated attempt to maximize
their profits by seeking to disrupt that process and sidestep Mexican law.

Despite receiving one of the highest recoveries in the history of successful
reorganizations in Mexico, the dissident funds have continued to intentionally
risk the destruction of Vitro's businesses for the mere prospect, not
guarantee, of a slightly higher return on their investment. The dissident fund
investors are sophisticated investors, the vast majority of whom purchased
their bonds with full knowledge of Vitro's restructuring plans.

Vitro, S.A.B. de C.V. (BMV: VITROA), is the leading glass manufacturer in
Mexico and one of the world's major glass companies, backed by more than 100
years of experience in the industry. Founded in 1909 in Monterrey, Mexico, the
company currently has subsidiaries in theAmericas, which offer quality
products and reliable services to meet the needs of two different types of
business: glass containers and flat glass. Companies of Vitro produce,
process, distribute and market 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, preserving the environment and favoring an
ethical and transparent management. For more information, please consult the

This announcement contains statements about future events regarding Vitro,
S.A.B. de C.V. and its subsidiaries. While Vitro believes that forward-looking
statements are based on reasonable assumptions, all such statements reflect
Vitro's current views with respect to future events and are subject to risks
and uncertainties that could cause actual results to differ materially from
those contemplated in this press release. Many factors could cause Vitro's
actual results, performance or achievements to be materially different from
anticipated future results, performance or achievements that may be expressed
or implied by such forward-looking statements. In particular, completion of
the offers described above or the Concurso Plan on the basis described, or at
all, is uncertain. Vitro does not assume any obligation to, and will not,
update these forward-looking statements.

For further information, please contact:

MEDIA                                        INVESTOR RELATIONS
MEXICO                                       MEXICO
Roberto Riva    U.S.A.                       Jesus N. Medina
Palacio                                                         Kay Breakstone /
                Liz Cohen                    Vitro S.A.B. de
Vitro, S.A.B.                                C.V.               Barbara Cano
de C.V.         (212) 445-8044
                                             + 52 (81)          (646) 452-2332 / 2334
+ 52 (81) 8863-1730

SOURCE Vitro S.A.B. de C.V.

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