Vitro Gets Bankruptcy

A Mexican court has approved a voluntary prepackaged bankruptcy for Mexico’s Vitro and the company has entered bankruptcy protection, Vitro says. The glassmaker, which has been fighting with creditors over plans to restructure about $3.4bn in debt, won the appeal after its bankruptcy petition initially was rejected in January. Some of Vitro’s creditors had previously rejected restructuring proposals and had filed involuntary bankruptcy petitions against the company. Vitro last week said some of its US subsidiaries were seeking Chapter 11 bankruptcy protection in a US court and asked the court to allow it to sell all of its assets to Grey Mountain Partners, a US PE firm. Vitro America also requested a $30m DIP financing from Bank of America Merrill Lynch and an additional $7.5m from Vitro.