Glass Industry News

Libbey completes financial restructuring after bankruptcy

, Libbey Glass

Libbey has successfully completed its financial restructuring and emerged from Chapter 11, which is the legal term for the reorganisation bankruptcy of a company.

Through its ‘Plan of Reorganisation’, Libbey is emerging from Chapter 11 as a new private company formed and controlled by Libbey’s former lenders, Libbey Glass LLC, and will remain under the same leadership.

The company emerges with substantial liquidity, supported by proceeds from a $150 million term loan and a $100 million asset-based lending facility.

Libbey has reportedly reduced operating costs, strengthened its balance sheet and improved liquidity by reducing net debt to less than $150 million.

Mike Bauer, Chief Executive Officer of Libbey, said: "This is an important day for Libbey as we begin a new chapter as a healthy company with the agility to succeed.

“Looking ahead, we will maintain our focus on managing costs, providing superior service to our customers and strengthening relationships with our business partners, while demonstrating the same unwavering commitment to creating high-quality glassware and other tabletop products that has been a hallmark of Libbey for the past 200+ years.”

He added: "Our emergence from this process in less than six months is a testament to the faith, hard work and resilience of our nearly 6,000 employees globally, who continue to deliver unsurpassed service, product innovations and business excellence.”

Libbey has now entered into new financing arrangements with Mitsubishi UFJ Financial Group (MUFG) Union Bank, N.A. and a group comprised of a number of Libbey's lenders and equity owners.

, © Libbey Glass

此网站新闻材料的版权属于公司或第三方的新闻提供者,其所有权利保留。所有新闻材料对其访问者只能限于其本人使用,并且使用此材料的风险由其使用者独自自行承担。严禁对新闻材料进行再次发布和其它商业利用. 作为商业贸易的用途。如果新闻材料由第三方提供,当应用此新闻材料时,每个使用者都同意遵守,并且受此特定的项目的约束。Glass Global并不代表及认可新闻材料中所包含的内容及新闻中的外部网站的内容的准确性及可靠性。

Should the content or the design of these sites violate third parties rights or legal prescriptions, we kindly ask you to send us a respective message without invoice or cost. We guarantee that passages where the claim is considered as justified will be removed immediately, without any necessity to involve any lawyer into this issue. We will reject any claim caused by submission of a honorary note in this regard without any prior contact and confirmation of the issueby us and we reserve the right ssue counter claim ourselves because of violation of aforesaid conditions.



Info Grid

Glass studies

Updated worldwide glass study 2024

plants.glassglobal.com

Updated hollow glass study 2024

Request more information

Updated float glass study 2024

Request more information

Further glass market studies

Request more information

公司简介



Updated worldwide glass market study 2024 available now for flat, container glass and tableware

We have updated our international studies on flat glass, container glass and tableware for 2024.

This unique software provides a global overview about glass producers and technical details. Easy to use and clear tables summarize information and data about glass makers such as: Glass types: flat glass, container glass, tableware, production capacities in regions and countries, number of furnaces, furnace types, year of construction, glass types and sub-types, products, project information, special news and downloads.

Further databases supplying demoscopic data and import and export data complete the market survey. Based on these data, prepare individual country profiles with information about local production capacities, local market sizes and expected demand in the future.

Request your offer via plants.glassglobal.com.

Updated container glass study 2024

X

Updated float glass study 2024

X

Further glass studies and reports 2024

X