Vitro subsidiaries contest basis for involuntary bankruptcy filing

By Caroline Salls

Pittsburgh, Dec. 10 - Vitro America, LLC and 14 other indirect subsidiaries of Vitro, SAB de CV have contested the basis for involuntary bankruptcy petitions filed against them last month by "dissident minority bondholders," according to a news release.

Vitro America said the minority bondholders together hold about 6% of the parent company's outstanding U.S. bonds.

In their response to the involuntary filing, the subsidiaries asserted affirmative defenses, saying Vitro America and its affiliates are generally paying their debts as they come due.

"Vitro America and its U.S. affiliates intend to continue to operate as usual with no changes to our day-to-day operations while the involuntary Chapter 11 proceedings are being resolved," Vitro America president and chief executive officer Arturo Carrillo said in the release.

A status conference is scheduled for Dec. 20.

Vitro is a Nuevo Leon, Mexico-based glass manufacturer. An involuntary bankruptcy case was filed against its U.S. guarantor subsidiaries on Nov. 17 in the U.S. Bankruptcy Court for the Northern District of Texas. The Chapter 11 case number is 10-47470.

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