Vitro Extends Expiration Time for Exchange
Offer; Responds to Statements of Bondholders
November 24, 2010
Vitro S.A.B. de C.V. in Monterrey, Mexico, has announced an extension of the expiration time for its tender offer and exchange offer and consent solicitation and responded to what it called in a statement issued yesterday "misleading statements made by dissident minority bondholder group."
On November 22, Vitro issued a supplement to its tender offer and exchange offer and consent solicitation statement dated November 1, 2010. According to Vitro, this supplement included certain technical changes to the procedures described in the offer documents to facilitate participation in the solicitation transactions and provides certain updating disclosure. Both offers were previously scheduled to expire at 9 a.m. EST on December 1, 2010. Vitro is extending the expiration time for both offers to 5 p.m. EST on December 7, 2010. Following the expiration time, Vitro plans to initiate the previously announced pre-packed insolvency process in Mexico.
Vitro is extending the expiration time at the request of market participants, even though it has the required majority to implement the Concurso Plan, to facilitate participation in the solicitation transactions.
The statement also addressed the recent bankruptcy petition, calling it "baseless." According to the company: