Vitro non-operating debtors ask court to convert cases to Chapter 7

By Caroline Salls

Pittsburgh, Jan. 11 - Vitro Asset Corp. and other non-operating debtors Danim, Amsilco, B.B.O. Holdings, Bellaboo, Glazet and V-MX have asked the U.S. Bankruptcy Court for the Northern District of Texas to convert their Chapter 11 cases to Chapter 7, according to a Jan. 10 court filing.

Vitro Asset, formerly known as American Asset Holdings Ltd., said it is a holding company that has no significant ordinary course liabilities to third parties other than tax obligations.

The other non-operating debtors are shell companies that conduct no business and have no significant ordinary course debts, the motion said.

In addition, the company said the non-operating debtors have "very minimal assets, no employees and few creditors."

"The non-operating debtors, therefore, cannot effectively reorganize under Chapter 11 of the Bankruptcy Code," the company said in the motion.

Vitro is a Nuevo Leon, Mexico-based glass manufacturer. Its Chapter 11 case number is 11-32600.

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