Bloomberg News

Sun Capital Affiliate Wins Auction for Vitro’s U.S. Units

June 03, 2011

(Updates with winning bidder in second paragraph.)

June 3 (Bloomberg) -- A Sun Capital Partners Inc. affiliate won a bankruptcy auction for U.S. assets of Vitro SAB, the biggest Mexican glassmaker, with a bid of $55.1 million.

American Glass Enterprises LLC beat an affiliate of private-equity firm Grey Mountain Partners LLC, Vitro said in court papers yesterday in the U.S. Bankruptcy Court in Dallas.

Vitro defaulted on $1.2 billion of bonds in 2009 and is pursuing a debt restructuring in Mexico. The company put its Vitro America LLC and Super Sky Products Inc. units into bankruptcy in April and agreed to sell them to Grey Mountain while seeking higher bids at an auction.

The case is In re Vitro Asset Corp., 10-47470, U.S. Bankruptcy Court, Northern District of Texas (Dallas).

--Editors: Stephen Farr, Charles Carter.

To contact the reporter on this story: David McLaughlin in New York at dmclaughlin9@bloomberg.net

To contact the editor responsible for this story: John Pickering at jpickering@bloomberg.net.


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