Libbey Glass Inc. was approved to emerge from bankruptcy under a consensual reorganization plan that includes settlements with the glass product manufacturer’s employee unions and unsecured creditors.
The uncontested plan, approved during a telephonic hearing Monday, allows the Toledo, Ohio-based company to slash about $300 million from its balance sheet by converting debt to equity.
The plan also includes an agreement to temporarily reduce the wages of Libbey’s unionized workforce in Shreveport, La., terminate retiree medical and life insurance programs, and freeze pension plan benefit accruals.
Judge Laurie S. Silverstein of the U.S. Bankruptcy Court for the District of ...
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