Vitro loses appeals court bid on Mexican bankruptcy plan
Vitro SAB has lost an appeals court bid to enforce its bankruptcy plan in the United States. The U.S. Court of Appeals in New Orleans ruled against Vitro, November 28, and upheld a bankruptcy court ruling that denied enforcement of the reorganization, according to a same-day Bloomberg report.
Vitro was appealing a decision by U.S. Bankruptcy Judge Harlin DeWayne Hale in June that handed a victory to holders of Vitro’s $1.2 billion in defaulted bonds. Hale refused to grant enforcement of Vitro’s Mexican bankruptcy plan, saying it was contrary to U.S. policy, according to the Bloomberg article.