Appeal Against Vitro's Concurso Ruling Admitted, Not Stayed
February 29, 2012

Officials at Vitro S.A.B. de C.V. of Mexico say they have notified of an appeal by the minority group of dissident funds against the ruling approving the concurso plan. The appeal was admitted by the Fourth District Court in Civil and Labor Matter in the City of Monterrey, but was not stayed and therefore the execution of the ruling approving the concurso plan is not suspended, according to the company.

Vitro has already executed the concurso plan summated by the conciliator appointed by the IFECOM and approved by the federal judiciary, and various aspects and instances of the insolvency proceedings were unsuccessfully challenged by these funds, both to the district court and higher courts, which company officials say further strengthens the judgment issued on February 3.

Referring to this new legal action, Alejandro Sanchez Mujica, Vitro's executive legal president and general counsel, says, "Considering their record, we expected this reaction from the dissident funds. We are therefore ready to present our arguments against this appeal within the statutory time limits and are confident that the merits of the judgment by the Fourth District Court in Civil and Labor Matters will prevail."

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