Vitro initiates settlement trial against dissident funds to recover up to US$1.6 billion

  Vitro initiates settlement trial against dissident funds to recover up to
                                US$1.6 billion

PR Newswire

SAN PEDRO GARZA GARCIA, Nuevo Leon, Mexico, Dec. 17, 2012

SAN PEDRO GARZA GARCIA, Nuevo Leon, Mexico, Dec. 17, 2012 /PRNewswire/ --
Vitro S.A.B. de C.V. (BMV: VITROA), hereinafter "Vitro" or the "Company",
announced today that it has started the process to recover damages caused by
the lawsuits filed by the dissident funds to put Vitro and 17 subsidiaries
into involuntary bankruptcy in Mexico, which were dismissed on appeal. Under
the applicable legal framework in Nuevo Leon, the amount claimed could reach
US$1.59 billion, which corresponds to 20% of the total amount claimed at the
time by the so-called vulture funds from each of the companies in those
proceedings.

It should be noted that under the approved restructuring plan, the new bonds
issued and payments made by Vitro to bondholders who opposed the restructuring
were placed in a trust which stipulates that Vitro may collect from this trust
the amounts that these creditors are liable for due to these actions. The
funds that are exposed to these damages are Moneda, Brookville Horizons Fund,
Davidson Kempner Distressed Opportunities Fund and Knighthead Master Fund.

The Company has sought information from these funds to determine whether they
have agreements to share the costs of actions certain funds took on behalf of
the whole group. "If they do have such agreements, we will pursue such
recoveries from all relevant parties, including Aurelius and Elliott," said
Claudio del Valle, Chief Restructuring Officer of Vitro.

Furthermore, Vitro reports that the Court of Appeals of the United States
Fifth Circuit in New Orleans lifted the Temporary Restraining Orders that
prevented the collection actions against Vitro and its subsidiaries by the
dissident funds.

In view of this decision the Company could be facing a unique situation, since
it has two conflicting orders and therefore two markedly different obligations
in both countries. The debt that could form the basis for the dissident funds'
collection actions in the United States has been restructured and replaced
with new debt in Mexico. Consequently the Company is evaluating the financial
implications of this particular situation.

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 the Americas, 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
website: http://www.vitro.com.

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
                U.S.A.                                          U.S.A.
Roberto Riva                                 Jesus N. Medina
Palacio         Liz Cohen                                       Kay Breakstone /
                                             Vitro S.A.B. de
Vitro, S.A.B.   (212) 445-8044               C.V.               Barbara Cano
de C.V.
                liz.cohen@webershandwick.com + 52 (81)          (646) 452-2332 / 2334
+ 52 (81)                                    8863-1730          kbreakstone@breakstone-group.com
8863-1661       
                                             jnmedina@vitro.com bcano@breakstone-group.com
rriva@vitro.com

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

Website: http://www.vitro.com
 
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