The temporary restraining order received by Vitro from the US Bankruptcy Court in Dallas, Texas, will preserve the status quo pending the Court’s determination of whether to grant Vitro’s motion to enforce its Mexican plan of reorganization in the US.
Vitro S.A.B. de C.V. has been granted a temporary restraining order (a “TRO”) by the US Bankruptcy Court in Dallas, Texas, to preserve the status quo pending the Court’s determination of whether to grant Vitro’s motion to enforce its Mexican plan of reorganization in the US, which was consummated in Mexico on 23 February 2012.
By its terms, the TRO prevents the vulture funds that have been collaterally attacking Vitro’s reorganization plan in the US from seeking to collect on judgments and seize assets belonging to Vitro – in particular, accounts receivable owed from Vitro’s US customers.
The Court has scheduled a hearing on the enforcement of Vitro’s plan in the US to take place the week of 9 April 2012 and has indicated that it will extend the injunctive relief granted by the TRO, as necessary.
As the Bankruptcy Court stated in the TRO, “a quick final determination of the Enforcement Motion would be in everyone’s interest, and preserving the status quo is not adverse to the public interest.”