Vitro Files for Mexican Bankruptcy

Vitro has filed for the concurso mercantil bankruptcy process in Mexico and plans to begin Chapter 15 proceedings in the US and seek creditor protection for its US units. The company said Monday it would have to delay payments of $44m to bondholders who accepted a cash portion in Vitro’s $1.2bn restructuring offer, after a bondholder group claiming to represent $650m in Vitro debt and which opposes the offer filed to block it. A bond-for-bond portion of the restructuring offer closes December 21. Rothschild is Vitro’s financial advisor in the process.