5th Circ. Routs Attack On Vitro Affiliates' Protection

Law360, New York (January 25, 2012, 4:51 PM EST) -- The Fifth Circuit on Tuesday shot down an attempt by a group of Vitro SAB de CV bondholders to block a Texas court's automatic stay order in the Mexican glass manufacturer's bankruptcy proceedings and force its nonbankrupt subsidiaries to make debt payments.

The creditors filed the emergency motion in an effort to stay the order while their appeal is pending. They are attempting to collect debt payments from Vitro's nonbankrupt subsidiaries, which the bondholders argue in their motion are not protected by an automatic stay under...
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