A rival bidder has emerged for Mexican glassmaker Vitro SAB“s US units, set to be sold through a bankruptcy-court auction.
Sun Capital“s American Glass Enterprises LLC announced that it has made a …
A rival bidder has emerged for Mexican glassmaker Vitro SAB“s US units, set to be sold through a bankruptcy-court auction. Sun Capital“s American Glass Enterprises LLC announced that it has made a USD 45 million bid for Vitro America LLC and three other subsidiaries on the auction block, according to papers filed with the US Bankruptcy Court in Dallas. American Glass“s offer exceeds the offer of USD 44 million made by private equity firm Grey Mountain Partners LLC, presented by Vitro in April, also removing the requirement that the lead bidder for the units be paid a USD 1.3 million fee if it is bested at auction. American Glass, which claims to be a creditor of Vitro“s US units, said its offer of a higher purchase price has been rebuffed by the company. A spokesman for Vitro“s US units declined to comment. Vitro bondholders had been seeking to push the four US units, which also include Super Sky Products Inc., into bankruptcy in Texas since late last year, and were placed into bankruptcy to execute the proposed sale to Grey Mountain in April. Bondholders and another creditor, Oldcastle Building Envelope, have questioned the proposed sale. Sun Capital also owns Arch Aluminum & Glass Co., a direct competitor to Vitro.