Vitro reports flat glass sales up 7.9 percent in 3Q '12 as it awaits court decision on restructuring plan
Vitro reported consolidated net sales for flat glass were up 7.9 percent in third quarter 2012 compared to the same period a year ago. Company officials attributed the gain to "strong dynamics in the OEM automotive market and a stable domestic construction market," according to an October 26 release.
Vitro exited bankruptcy in Mexico earlier this year after a Mexican judge approved its restructuring plan. After a bankruptcy judge in Dallas ruled the company’s plan was unenforceable in the United States, the Mexican government filed papers earlier this month urging an appeals court to reverse the decision.
Commenting on the ruling, Claudio Del Valle, Vitro's chief restructuring officer, said, "We remain confident in the merits of our arguments and will await a decision by the court of appeals, the timing of which is not yet certain. Until a decision is rendered or the court of appeals orders otherwise, the temporary restraining order initially entered by the bankruptcy court in March 2012 and extended by the court of appeals in July 2012 remains in place, thus suspending any further collection actions against the company by dissident bondholders in the U.S.”