Vitro, Lehman, MF Global, Dodgers, Madoff, Syms: Bankruptcy
(This report contains items about companies both in bankruptcy and not in bankruptcy. Adds Lehman, MF Global, Dodgers, American Airlines, Windstar and Charlie Brown's in Updates; Aventine in Downgrade; and section on Daily Podcast.)
Dec. 9 (Bloomberg) -- Vitro SAB may have difficulty enforcing its Mexican reorganization in the U.S. after a New York state judge ruled that the glassmaker's subsidiaries can't escape their guarantees on $1.2 billion in defaulted bonds.
The Vitro parent has a pending bankruptcy reorganization in Mexico where shareholders would retain ownership, even though bondholders won't be paid in full. In addition, the Mexican reorganization would prevent bondholders from collecting the debt based on guarantees given by subsidiaries that aren't in bankruptcy either in the U.S. or Mexico.
In a counterattack, the bondholders' indenture trustee sued in August in state court in Manhattan. In a 12-page opinion dated Dec. 5, state Supreme Court Justice Bernard J. Fried ruled in favor of bondholders, concluding that the loan documents preclude any nonconsensual modification of the Vitro subsidiaries' guarantee of the bonds.
Fried rejected Vitro's argument that by owning bonds of a Mexican company the bondholders implicitly agreed that their rights could be affected by Mexican bankruptcy law. The Mexican bankruptcy doesn't affect the rights of bondholders under loan agreements governed by New York law, Fried said. The judge also cited provisions in the loan documents where the subsidiaries expressly waived any rights under Mexican law.
Whether Vitro's Mexican reorganization can be enforced in the U.S. “is an issue for the federal courts, including the bankruptcy court,” Fried said in his opinion.
Vitro has been given protection under Chapter 15 in U.S. Bankruptcy Court in Dallas, where the company will ask the bankruptcy judge to enforce the Mexican reorganization. In the Chapter 15 case, the bankruptcy judge rebuffed an attempt by Vitro to halt the New York suit. Vitro is taking an appeal to the U.S. Court of Appeals in New Orleans.
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In addition to the government-guaranteed loan, financing came from $709 million in eight issues of preferred stock, plus $179 million in convertible notes. The case is In re Solyndra LLC, 11-12799, US Bankruptcy Court, District of Delaware (Wilmington)
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