Mexican Court Must Decide Fate Of Vitro Debt: Judge

Law360, New York (December 9, 2011, 6:19 PM EST) -- A New York state judge ruled Thursday that it was up to a Mexican court to decide whether guaranties on $1.35 billion in bankrupt Mexican glassmaker Vitro SAB de CV debt can be altered.

Vitro is being restructured in Mexican court and through a Chapter 15 proceeding in Texas bankruptcy court. The guarantors on the $1.35 billion in Vitro notes, however, are nonbankrupt affiliates of Vitro. The notes' trustee Wilmington Trust NA has argued that those affiliates are trying to weasel out of their obligations through...
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