Mexico's Vitro said yesterday that it had ended a lengthy legal fight with creditors after a Mexican businessman bought a chunk of the glassmaker's debt held by funds that had led the court fight, Reuters reported yesterday. Under the deal, the Fintech fund will buy all the debt held by U.S. hedge funds that were fighting Vitro in court over payment, the company said in a statement. Fintech will receive a 13 percent stake in a Vitro subsidiary and $235 million in debt with a two-year maturity that will be issued by the same subsidiary, the company said in a filing with the Mexican Stock Exchange. Vitro went through a $3.4 billion bankruptcy reorganization in Mexico in 2011. U.S. creditors opposed that plan, which short-changed creditors while preserving $500 million for shareholders.
