Vitro sale of U.S. subsidiaries to proceed, despite objections
Vitro SAB won court approval last week to auction the assets of its Vitro America and Super Sky Products subsidiaries, despite objections raised by creditors and Sun Capital Partners, according to a May 6 Bloomberg report.
In April, Vitro America officials announced that the company and three other U.S. subsidiaries of Vitro had entered into an agreement to sell substantially all of the assets of Vitro America and Super Sky to an affiliate of Grey Mountain Partners, LLC, a private equity firm based in Boulder, Colo., for a purchase price of $44 million.
American Glass Enterprises LLC, an affiliate of Sun Capital Partners, filed an objection related to the sale on May 3, stating that its higher bid of $45 million should serve as the stalking horse bid to beat at auction. Sun Capital Partners is a private investment firm specializing in leveraged buyouts and investments. It purchased Arch Aluminum & Glass, Tamarac, Fla., in February 2010. More recently, it was announced that a Sun Capital affiliate had acquired United Glass Corp., Louisville, Ky.
Shortly thereafter, the creditors' committee for U.S. subsidiaries of Mexico's creditors also objected to the proposed sale, charging that Grey Mountain might be related to, or acting on behalf of' Vitro itself, according to a May 5 Bloomberg report.
Stay tuned to GlassMagazine.com as more details become available.