Bloomberg, 6/26/12
The whir of activity gives no indication that Vitro has been fighting its way through Mexican and U.S. courts — or that it’s waging a bare-knuckle brawl with a number of hedge funds, including Paul Singer’s Elliott Management Corp…
As the Singer-Vitro battle sprawls across two countries, it’s pitting one of the world’s most successful hedge fund managers against one of Mexico’s elite industrial families. At its heart is a reorganization strategy that Vitro adopted to turn its subsidiaries into its major creditors, enabling them to outvote American bondholders like Singer.
The case is testing the extent to which Mexico’s bankruptcy law applies in the U.S. — an outcome that may shape future deals.
