Vitro Asset receives OK for reorganization plan disclosure statement

By Jim Witters

Wilmington, Del., Oct. 4 - Vitro Asset Corp. and its affiliated debtors received approval for the disclosure statement associated with its first amended joint Chapter 11 plan of reorganization, according to an Oct. 4 filing with the U.S. Bankruptcy Court for the Northern District of Texas.

The other debtors include Vitro Chemicals, Fibers & Mining, LLC, Troper Services Inc., Amsilco Holdings, Inc., BBO Holdings, Inc., Binswanger Glass Co., Crisa Corp., VVP Auto Glass, Inc., V-MX Holdings, LLC and Vitro Packaging, LLC.

The plan confirmation hearing is scheduled for Nov. 12.

Creditor treatment

Treatment of creditors under the proposed plan includes the following:

• Administrative expense claims, priority tax claims and priority non-tax claims will be paid in full in cash;

• Holders of secured claims will be either paid in full in cash with post-bankruptcy interest at the contract rate or receive an alternate treatment that renders the claim unimpaired;

• Intercompany claims will be reinstated and dealt with by the applicable reorganized debtor in the ordinary course;

• Holders of general unsecured claims will recover 5% of their allowed claims in cash;

• Noteholders will receive $852.50 in cash for each $1,000 of the principal amount of old notes, minus a share of any unpaid portion of each indenture trustee's claims.

Fintech Investments Ltd. waived all plan distributions on account of its retained notes, but can still receive consideration on account of its old notes in connection with Vitro SAB de CV's Mexican concurso plan.

On the plan effective date, Vitro SAB de CV or any non-debtor plan proponent will deposit $2.96 million into indenture trustee accounts for 2012 notes, $10.01 million for 2013 notes and $4.88 million for 2017 notes; and

• Interests are unimpaired and will remain unaltered under the plan.

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

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