Mexican Court Rejects Vitro's Prepack Plan: Report

Law360, New York (January 10, 2011, 4:50 PM EST) -- A bankruptcy judge in Mexico on Monday reportedly rejected glassmaker Vitro SAB de CV's proposed prepackaged reorganization plan.

The Wall Street Journal reported that Vitro planned to appeal the decision by a judge in the Fourth Civil and Labor District in Nuevo León state.

The court had originally accepted the plan in late December, but on Monday it determined that the plan was not acceptable under Mexican bankruptcy law because it involves intercompany debts of Vitro subsidiaries, the Journal reported. Those subsidiaries cannot be considered creditors...
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