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Vitro to Proceed Promptly With Restructuring Under Court Approved Concurso Plan

 

SAN PEDRO GARZA GARCIA, Mexico, Feb. 9, 2012 /PRNewswire/ -- Vitro S.A.B. de C.V. ("Vitro" or "The Company") (BMV: VITROA) reports that the Company is proceeding to take all necessary steps to complete its restructuring as promptly as practicable in accordance with the concurso plan approved on February 7, 2012, by the Judge for the Fourth District Court for Civil and Labor Matters in the City of Monterrey, according to Mexican Insolvency Law (Ley de Concursos Mercantiles).  Among other things, the concurso plan as approved by the Court provides for the replacement of the guarantees that were previously granted by Vitro's subsidiaries with guarantees of the new debt to be issued by the Company under the concurso plan.

Hugo A. Lara Garcia, Vitro's Chief Executive Officer, said "We look forward to completing Vitro's reorganization on the terms approved by the Court, and will continue to work diligently, as we have for the past months, to complete the reorganization as promptly as possible.  We are confident that our clients, suppliers, our more than 17,300 workers and the communities where we are located, join us in anticipating a speedy and successful consummation of the Company's concurso plan."

Vitro, S.A.B. de C.V. (BMV: VITROA), is the leading company in the manufacture of glass in Mexico and one of the largest in the world, backed up by more than 100 years of experience in the industry. Founded in 1909 in Monterrey, Mexico, the company currently has subsidiaries in America and Europe, which offers quality products and reliable services to meet the needs of two different types of business: glass and flat glass containers. Companies of Vitro produced, processed, distributed and marketed a wide range of glass articles which are part of the daily life of thousands of people. Vitro offers solutions for multiple markets including food, drinks, wines, liquors, cosmetics and pharmaceuticals, as well as the architectural and automotive. The company is also a supplier of raw materials, machinery and equipment for industrial use. As a socially responsible company, Vitro implements various initiatives to contribute to improving the quality of life of its employees, providing support to the communities where it has presence, preserve the environment and favoring an ethical and transparent management. For more information, please consult the website: http://www.vitro.com

This announcement contains statements about future events regarding Vitro, S.A.B. de C.V. and its subsidiaries. While Vitro believes that forward-looking statements are based on reasonable assumptions, all such statements reflect Vitro's current views with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in this press release. Many factors could cause Vitro's actual results, performance or achievements to be materially different from anticipated future results, performance or achievements that may be expressed or implied by such forward-looking statements. In particular, completion of the offers described above or the Concurso Plan on the basis described, or at all, is uncertain.  Vitro does not assume any obligation to, and will not, update these forward-looking statements.

For further information, please contact:

MEDIA

INVESTOR RELATIONS

MEXICO

Roberto Riva Palacio

Vitro, S.A.B. de C.V.

+ 52 (81) 8863-1661

rriva@vitro.com

U.S.A.

Liz Cohen / Michael Gonda

(212) 445-8044 / 8275

liz.cohen@webershandwick.com

mgonda@webershandwick.com

MEXICO

Jesus N. Medina

Vitro S.A.B. de C.V.

+ 52 (81) 8863-1730

jnmedina@vitro.com

U.S.A.

Kay Breakstone /

Barbara Cano

 (646) 452-2332 / 2334
kbreakstone@breakstone-group.com

bcano@breakstone-group.com

 

 

 

 

SOURCE Vitro S.A.B. de C.V.

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http://www.vitro.com