Vitro Asset asks court to extend trustee appointment, conversion stays

By Caroline Salls

Pittsburgh, April 2 - Vitro Asset Corp. asked the U.S. Bankruptcy Court for the Northern District of Texas to extend the stay of court orders converting the Vitro bankruptcy cases to Chapter 7 and calling for the appointment of a Chapter 11 trustee until the court is able to rule on post-settlement closing motions, according to a Tuesday court filing.

As previously reported, the stays currently run through the earlier of the closing of the company's settlement with Vitro SAB de CV, an informal group of noteholders and Fintech Investments Ltd. and the termination of the settlement.

Vitro Asset said the settlement is expected to close in early April. To facilitate proposal of a Chapter 11 plan, the company said a motion is expected to be filed immediately after the settlement closing to vacate the trustee appointment order and withdraw the case conversion motion.

However, Vitro Asset said the terms of a standstill agreement prohibit the court from considering the post-closing motions until the settlement has closed, at which time the current stay order will be terminated.

As a result, the company said it is seeking the stay extension "to bridge the gap" between the closing of the settlement and the hearing on the post-closing motions.

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

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