Comments
yourfanat wrote: I am using another tool for Oracle developers - dbForge Studio for Oracle. This IDE has lots of usefull features, among them: oracle designer, code competion and formatter, query builder, debugger, profiler, erxport/import, reports and many others. The latest version supports Oracle 12C. More information here.

2008 West
DIAMOND SPONSOR:
Data Direct
SOA, WOA and Cloud Computing: The New Frontier for Data Services
PLATINUM SPONSORS:
Red Hat
The Opening of Virtualization
GOLD SPONSORS:
Appsense
User Environment Management – The Third Layer of the Desktop
Cordys
Cloud Computing for Business Agility
EMC
CMIS: A Multi-Vendor Proposal for a Service-Based Content Management Interoperability Standard
Freedom OSS
Practical SOA” Max Yankelevich
Intel
Architecting an Enterprise Service Router (ESR) – A Cost-Effective Way to Scale SOA Across the Enterprise
Sensedia
Return on Assests: Bringing Visibility to your SOA Strategy
Symantec
Managing Hybrid Endpoint Environments
VMWare
Game-Changing Technology for Enterprise Clouds and Applications
Click For 2008 West
Event Webcasts

2008 West
PLATINUM SPONSORS:
Appcelerator
Get ‘Rich’ Quick: Rapid Prototyping for RIA with ZERO Server Code
Keynote Systems
Designing for and Managing Performance in the New Frontier of Rich Internet Applications
GOLD SPONSORS:
ICEsoft
How Can AJAX Improve Homeland Security?
Isomorphic
Beyond Widgets: What a RIA Platform Should Offer
Oracle
REAs: Rich Enterprise Applications
Click For 2008 Event Webcasts
SYS-CON.TV
Today's Top SOA Links


Vitro initiates settlement trial against dissident funds to recover up to US$1.6 billion

SAN PEDRO GARZA GARCIA, Nuevo Leon, Mexico, Dec. 17, 2012 /PRNewswire/ -- Vitro S.A.B. de C.V. (BMV: VITROA), hereinafter "Vitro" or the "Company", announced today that it has started the process to recover damages caused by the lawsuits filed by the dissident funds to put Vitro and 17 subsidiaries into involuntary bankruptcy in Mexico, which were dismissed on appeal. Under the applicable legal framework in Nuevo Leon, the amount claimed could reach US$1.59 billion, which corresponds to 20% of the total amount claimed at the time by the so-called vulture funds from each of the companies in those proceedings.

It should be noted that under the approved restructuring plan, the new bonds issued and payments made by Vitro to bondholders who opposed the restructuring were placed in a trust which stipulates that Vitro may collect from this trust the amounts that these creditors are liable for due to these actions. The funds that are exposed to these damages are Moneda, Brookville Horizons Fund, Davidson Kempner Distressed Opportunities Fund and Knighthead Master Fund.

The Company has sought information from these funds to determine whether they have agreements to share the costs of actions certain funds took on behalf of the whole group. "If they do have such agreements, we will pursue such recoveries from all relevant parties, including Aurelius and Elliott," said Claudio del Valle, Chief Restructuring Officer of Vitro.

Furthermore, Vitro reports that the Court of Appeals of the United States Fifth Circuit in New Orleans lifted the Temporary Restraining Orders that prevented the collection actions against Vitro and its subsidiaries by the dissident funds.

In view of this decision the Company could be facing a unique situation, since it has two conflicting orders and therefore two markedly different obligations in both countries. The debt that could form the basis for the dissident funds' collection actions in the United States has been restructured and replaced with new debt in Mexico. Consequently the Company is evaluating the financial implications of this particular situation.   

Vitro, S.A.B. de C.V. (BMV: VITROA), is the leading glass manufacturer in Mexico and one of the world's major glass companies, backed by more than 100 years of experience in the industry. Founded in 1909 in Monterrey, Mexico, the company currently has subsidiaries in the Americas, which offer quality products and reliable services to meet the needs of two different types of business: glass containers and flat glass. Companies of Vitro produce, process, distribute and market a wide range of glass articles which are part of the daily life of thousands of people. Vitro offers solutions for multiple markets including food, drinks, wines, liquors, cosmetics and pharmaceuticals, as well as the architectural and automotive. The company is also a supplier of raw materials, machinery and equipment for industrial use. As a socially responsible company, Vitro implements various initiatives to contribute to improving the quality of life of its employees, providing support to the communities where it has presence, preserving the environment and favoring an ethical and transparent management. For more information, please consult the website: http://www.vitro.com.    

This announcement contains statements about future events regarding Vitro, S.A.B. de C.V. and its subsidiaries. While Vitro believes that forward-looking statements are based on reasonable assumptions, all such statements reflect Vitro's current views with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in this press release. Many factors could cause Vitro's actual results, performance or achievements to be materially different from anticipated future results, performance or achievements that may be expressed or implied by such forward-looking statements. In particular, completion of the offers described above or the Concurso Plan on the basis described, or at all, is uncertain.  Vitro does not assume any obligation to, and will not, update these forward-looking statements.

For further information, please contact:

MEDIA

INVESTOR RELATIONS

MEXICO

Roberto Riva Palacio

Vitro, S.A.B. de C.V.

+ 52 (81) 8863-1661

rriva@vitro.com

U.S.A.

Liz Cohen

(212) 445-8044

liz.cohen@webershandwick.com

 

MEXICO

Jesus N. Medina

Vitro S.A.B. de C.V.

+ 52 (81) 8863-1730

jnmedina@vitro.com

U.S.A.

Kay Breakstone /

Barbara Cano

 (646) 452-2332 / 2334 kbreakstone@breakstone-group.com

bcano@breakstone-group.com





SOURCE Vitro S.A.B. de C.V.

About PR Newswire
Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Web 2.0 Latest News
The book The Cyber Threat was written to provide business and government executives insight into the nature of the dynamic adversaries attacking our networks. Understanding the Cyber Threat is critical to preparing your defenses prior to attack and also instrumental in mounting a de...
Many workloads are already in the cloud: Most organizations today run at least some workloads in the cloud. For newer organizations, they will often run ALL of their workloads in the cloud. For cloud-based workloads, sending log data to a cloud-based logging provider is not quite as bi...
While there could be more similar use cases, the point here is IoT while bringing new innovation and benefits also brings new risks. These risks much different from earlier innovations, because when in earlier cases it is mostly the enterprise financial, reporting and other data pr...
Successful hacks can paralyze websites, enable corporate or personal data to fall into the wrong hands and potentially damage the image, reputation and sales pipeline of the organization under attack. For many, this begs the question ‘Why us?’ To find out, let’s delve into the psyche o...
Large technology manufacturers that focus on channel sales through distributors and resellers have traditionally operated with informal processes, using tools like spreadsheets and information driven by anecdotal stories from channel partners, unstructured data, and the "gut instinct" ...
Subscribe to the World's Most Powerful Newsletters
Subscribe to Our Rss Feeds & Get Your SYS-CON News Live!
Click to Add our RSS Feeds to the Service of Your Choice:
Google Reader or Homepage Add to My Yahoo! Subscribe with Bloglines Subscribe in NewsGator Online
myFeedster Add to My AOL Subscribe in Rojo Add 'Hugg' to Newsburst from CNET News.com Kinja Digest View Additional SYS-CON Feeds
Publish Your Article! Please send it to editorial(at)sys-con.com!

Advertise on this site! Contact advertising(at)sys-con.com! 201 802-3021




SYS-CON Featured Whitepapers
ADS BY GOOGLE