U.S. judge puts units of Mexico's Vitro into bankruptcy

Wed Dec 5, 2012 2:54pm EST

Dec 5 (Reuters) - A U.S. bankruptcy judge in Dallas ordered 10 units of Mexican glassmaker Vitro SAB de CV into involuntary bankruptcy and found the subsidiaries had taken secret steps to prevent creditors from collecting money they were owed.

Several U.S. hedge funds led by Aurelius Capital Management and Elliott International hold defaulted notes issued by subsidiaries and had sought to put the subsidiaries into bankruptcy.

Judge Harlin Hale issued his ruling on Tuesday.

Parent company Vitro went through a bankruptcy reorganization in Mexico, but that plan has been strenuously opposed by U.S. creditors.

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

A tourist takes a plunge as she swims at Ngapali Beach, a popular tourist site, in the Thandwe township of the Rakhine state, October 6, 2013. Picture taken October 6, 2013. REUTERS/Soe Zeya Tun (MYANMAR - Tags: SOCIETY) - RTR3FOI0

Where do you want to go?

We look at when to take trips, budget considerations and the popularity of multigenerational family travel.   Video