Reuters: Bankruptcy News: Spanish unit of Mexico's Vitro seeks protection

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Spanish unit of Mexico's Vitro seeks protection Jun 5th 2012, 18:12 June 5 | Tue Jun 5, 2012 2:12pm EDT June 5 (Reuters) - Mexican glassmaker Vitro said on Tuesday its Spanish subsidiary is filing for bankruptcy protection because of difficult market conditions in Europe. Vitro Cristalglass, which accounted for about 4 percent of parent company Vitro's total sales in 2011, has been losing money since 2009, the company said. The decision to seek bankruptcy protection now is a result of the "unfavorable dynamics in the European market ... particularly in construction," the company said. The unit has about $31 million in outstanding debt with external creditors, a spokesman said. Vitro, which makes everything from beer bottles to perfume containers, earlier this year completed a $3.4 billion restructuring plan in Mexico; but it is embroiled in legal disputes with creditors in the United States who reject the Mexican ruling.

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