Vitro Files Motion To Sell US Operations

Law360, New York (April 8, 2011, 8:51 PM EDT) -- Four U.S. subsidiaries of Mexican glassmaker Vitro SAB asked a Texas bankruptcy court on Friday to authorize an auction of their assets, with an affiliate of private equity firm Grey Mountain Partners LLC serving as the stalking horse offeror.

The proposed bidding procedure would allow a break-up fee to the proposed purchaser, Vitro America Acquisition Corp., of 3 percent of the purchase price and an expense reimbursement not to exceed $1 million, according a motion filed in U.S. Bankruptcy Court for the Northern District of Texas....
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