Appeal Against Concurso Ruling Is Admitted But Ruling Is Not Stayed

SAN PEDRO GARZA GARCIA, Nuevo Leon, Mexico, Feb. 29, 2012 /PRNewswire/ -- Vitro S.A.B. de C.V. (BMV: VITROA) reports that it was notified of an appeal by the minority group of dissident funds against the ruling approving the concurso plan.

The appeal was admitted by the Fourth District Court in Civil and Labor Matter in the City of Monterrey, but the ruling was not stayed and therefore the execution of the ruling approving the concurso plan is not suspended.

It is also worth recalling that:

• As reported on February 23, Vitro has already executed the concurso plan summated by the Conciliator appointed by the IFECOM and approved by the federal judiciary, and
• Various aspects and instances of the insolvency proceedings were unsuccessfully challenged by these funds, both to the District Court and higher courts, which further strengthens the judgment issued on February 3rd.

Referring to this new legal action of the vulture funds, Alejandro Sanchez Mujica, Vitro's Executive Legal President and General Counsel, said "Considering their record, we expected this reaction from the dissident funds. We are therefore ready to present our arguments against this appeal within the statutory time limits and are confident that the merits of the judgment by the Fourth District Court in Civil and Labor Matters will prevail."

Vitro, S.A.B. de C.V. (BMV: VITROA), is the leading glass manufacturer in Mexico and one of the world's major glass companies, backed by more than 100 years of experience in the industry. Founded in 1909 in Monterrey, Mexico, the company currently has subsidiaries in America and Europe, which offer quality products and reliable services to meet the needs of two different types of business: glass containers and flat glass. Companies of Vitro produce, process, distribute and market a wide range of glass articles which are part of the daily life of thousands of people. Vitro offers solutions for multiple markets including food, drinks, wines, liquors, cosmetics and pharmaceuticals, as well as the architectural and automotive. The company is also a supplier of raw materials, machinery and equipment for industrial use. As a socially responsible company, Vitro implements various initiatives to contribute to improving the quality of life of its employees, providing support to the communities where it has presence, preserving the environment and favoring an ethical and transparent management. For more information, please consult the website: http://www.vitro.com   

This announcement contains statements about future events regarding Vitro, S.A.B. de C.V. and its subsidiaries. While Vitro believes that forward-looking statements are based on reasonable assumptions, all such statements reflect Vitro's current views with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated in this press release. Many factors could cause Vitro's actual results, performance or achievements to be materially different from anticipated future results, performance or achievements that may be expressed or implied by such forward-looking statements. In particular, completion of the offers described above or the Concurso Plan on the basis described, or at all, is uncertain.  Vitro does not assume any obligation to, and will not, update these forward-looking statements.

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SOURCE Vitro S.A.B. de C.V.