Vitro to Appeal Concurso Rejection

A Mexican court has rejected Vitro’s filing for bankruptcy and restructuring, the glassmaker says, adding that it plans to appeal the decision. Vitro says it will contest the court’s decision and “continue its efforts” to restructure $1.2bn in debt. Vitro filed in December for the concurso mercantil bankruptcy process in Mexico and was also planning to begin Chapter 15 proceedings in the US and seek creditor protection for its US units. It had offered cash and new bonds to holders of $1.2bn in bond in an exchange that was to be the centerpiece of the restructuring. Rothschild is Vitro’s financial advisor in the process.