Vitro, Ahern, Jameson, Madoff, CIT, Hooters: Bankruptcy
(This report contains items about companies both in bankruptcy and not in bankruptcy. Adds Ahern Rentals in New Filing; Kingate suit and Andrew Madoff appeal in Updates; Delta Petroleum, Dodgers, American Airlines and Harrisburg in Briefly Noted; MSX in Watch List; and US Xpress in Downgrade.)
Dec. 23 (Bloomberg) -- Mexican glassmaker Vitro SAB came out on top in the latest skirmish with holders of some of the $1.2 billion in defaulted bonds. While giving Vitro a victory, U.S. Bankruptcy Judge Harlin “Cooter” Hale in Dallas said Vitro “very well may win the battle here and yet lose the war.”
The latest battle revolves around a bondholders' lawsuit in which a New York state court judge directed Vitro's non-bankrupt subsidiaries to withdraw their approval of the parent's reorganization plan in a court in Mexico. Hale said the lawsuit went beyond declaring that the subsidiaries remain liable on their guarantees of the bonds regardless of whatever a court in Mexico might rule under Mexican bankruptcy law.
Hale said the injunction from the state court violated the so-called automatic stay because it interferes with property of the Vitro parent, which has protection from creditors in the U.S. under a Chapter 15 case in Hale's bankruptcy court.
In two orders yesterday, Hale noted that Vitro's Mexican plan “would not be approved in the U.S.” because shareholders retain ownership while bondholders aren't fully paid.
Hale recited how the bondholders contend the Vitro parent's plan violates public policy of the U.S. Hale said he has previously expressed “similar concerns.”
In a second ruling yesterday, Hale directed Vitro and bondholders to engage in settlement talks once a week until further notice. While he said it remains to be seen whether Vitro's plan violates U.S. public policy, Hale said it “arguably” has a negative effect on the credit markets, making it “much more difficult for companies with Mexican operations to obtain credit in the U.S.
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