Vitro America: American Glass wins auction with $55.09 million bid

By Caroline Salls

Pittsburgh, June 3 - Vitro America, LLC said American Glass Enterprises, LLC submitted a $55.09 million winning bid for the company's assets.

According to a June 2 filing with the U.S. Bankruptcy Court for the Northern District of Texas, Grey Mountain affiliate and stalking horse bidder Vitro America Acquisition Corp. presented the second highest offer for the assets.

As previously reported, Vitro America Acquisition agreed to a $44 million stalking horse bid in April.

Under the court-approved bid procedures, the stalking horse bidder will receive a 1.9% breakup fee plus reimbursement of up to $1 million of its expenses since it was not the high bidder.

The sale hearing is scheduled for June 9.

Vitro is a Nuevo Leon, Mexico-based glass manufacturer. An involuntary bankruptcy case was filed against its U.S. subsidiaries on Nov. 17, 2010. An order of relief was entered for some of the subsidiaries on April 6, and they have since been operating as debtors-in-possession. The Chapter 11 case number is 11-32600.

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