A court in Nuevo Len has ruled in the case against Vimxico, S.A. de C.V. bought by Pilkington contesting resolutions adopted at the extraordinary general meeting of the now defunct Vitro Plan, S.A. de…
A court in Nuevo Len has ruled in the case against Vimxico, S.A. de C.V. bought by Pilkington contesting resolutions adopted at the extraordinary general meeting of the now defunct Vitro Plan, S.A. de C.V. held on 11 December 2006. The court ruled that according to article 200 of the General Corporation Law, all the resolutions adopted are legal and binding on all of the then Vitro Plan shareholders, including those who voted against the resolutions. The court dismissed Pilkington“s claims against Vimexico and ordered the UK firm to pay Vimexico“s legal fees and trial expenses. Vitro flat glass subsidiary Vitro Plan approved at a shareholders meeting held on second call on December 2006 its merger into Vimexico, also a subsidiary of Vitro. As a result of the merger, Vitro“s flat glass business unit reduced its debt by USD 135 million, thus significantly improving its financial condition by improving its debt-EBITDA financial ratio from 4.5 to 3.2 times. “We are satisfied by this Court decision as it validates what we have sustained since such resolutions were adopted: that we have complied with each and all of the corresponding legal requirements for such merger. Besides legally resolving in our favor, this decision reinforces our strategy of allowing Vimexico to have a financial structure that will allow the company to strengthen its competitive position in Mxico and countries where it operates in benefit of its investors, customers, suppliers, staff and communities were it operates”, said Hugo Lara, president of Vitro“s Flat Glass business unit. Although Pilkington may still appeal, Vitro is confident that the decision will be upheld.