Lenders Eye Vitro Appeal On Cross-Border Debt Obligations

Law360, New York (June 14, 2012, 12:00 AM EDT) -- The Fifth Circuit will likely take up a bankruptcy judge's finding that Mexican glassmaker Vitro SAB de CV's nondebtor affiliates could not be released from their debts, which, if reversed, could end up making Wall Street skittish about lending to foreign-based multinational corporations.

In a ruling Wednesday, U.S. Bankruptcy Judge Harlin D. Hale said he could not enforce the releases of Vitro's nondebtor affiliations in the glassmaker's concurso — a reorganization plan approved by a Mexican bankruptcy court — because they are contrary to U.S. public...
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