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In the Matter of Vitro S.A.B. de C.V.

United States Court of Appeals for the Fifth Circuit
701 F.3d 1031 (2012)


Vitro S.A.B. de C.V. (Vitro) (debtor) was a holding company for subsidiaries that together comprised the largest glass-manufacturing company in Mexico. Vitro borrowed approximately $1.2 billion with unsecured notes. The notes were guaranteed by Vitro’s subsidiaries. When Vitro’s business declined, it entered into reorganization negotiations with its creditors. Vitro eventually filed for bankruptcy in Mexican court and proposed a reorganization plan. The reorganization plan proposed to extinguish the unsecured notes and discharge the subsidiaries’ guarantees. The subsidiaries were not debtors in the proceedings. Under the plan, new notes would be issued with different terms. The plan was approved by 50 percent of Vitro’s unsecured creditors, but only because Vitro’s subsidiaries held more than half of all voting claims in the form of intercompany debt. A bankruptcy court in the United States denied enforcement of the reorganization plan because the plan would extinguish the obligations of the nondebtor subsidiary guarantors. Vitro appealed.

Rule of Law


Holding and Reasoning (King, J.)

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