December 14, 2010 / 3:24 PM / 10 years ago

UPDATE 1-Mexico's Vitro files for protection from creditors

* Glassmaker Vitro has struggled with mounting debt

* Plan restructures debt with creditors and from units (Recasts, adds details on debt amount, stock price)

MEXICO CITY, Dec 14 (Reuters) - Mexican glassmaker Vitro, which has been struggling with high debt and falling sales, said it filed a restructuring plan with a local court.

The Monterrey-based company, which makes everything from beer bottles to perfume containers for international luxury brands, also said on Tuesday that it would seek protection from creditors under a Chapter 15 proceeding in U.S. courts once a Mexican judge approves its plan.

Vitro’s (VITROA.MX) VTO.N initiative calls for the restructuring of $1.5 billion of debt with a combination of new notes due 2019, convertible bonds and a cash payment.

The company has also said it wants to include an additional $1.9 billion in debt from several of its subsidiaries in the restructuring.

Vitro shares slipped nearly 1 percent in early trading on Tuesday to 14.95 pesos. (Reporting by Cyntia Barrera Diaz; editing by John Wallace)

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