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Vitro Ruling in U.S. Case to Come Soon, Bankruptcy Judge Says

A federal judge in Dallas told lawyers for Vitro SAB he will rule soon on its request to block lawsuits in the U.S. tied to the Mexican bankruptcy case filed by the country’s largest glassmaker.

U.S. Bankruptcy Judge Harlin Hale heard arguments yesterday on whether to issue a temporary restraining order sought by Vitro to halt U.S. legal action by holders of its defaulted bonds.

“It’ll be my intention to get you all a ruling in the next couple of days,” Hale told lawyers after a three-hour hearing.

Vitro, based in San Pedro Garza Garcia, Mexico, argues that bondholder suits should be stopped until Hale decides the larger issue of whether to recognize and enforce the Mexican bankruptcy case in the U.S. The restructuring was approved by a Mexican court last month.

The restructuring is opposed by holders of $1.2 billion of defaulted bonds, who say the inclusion of $1.9 billion of debt from Vitro subsidiaries has allowed Vitro to dictate terms without relinquishing control of the company or its units.

Creditors have presented cases in Texas, New York and Michigan and have argued that Vitro’s dollar bonds are subject to U.S. law.

The case is Vitro SAB de CV v. ACP Master Ltd. (In re Vitro SAB de CV), 12-03027, U.S. Bankruptcy Court, Northern District of Texas (Dallas).

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