Libbey Glass Files Bankruptcy Plan With Debt-for-Equity Swap

Bankrupt glassware manufacturer Libbey Glass Inc. plans to swap equity in its reorganized company to repay its term loan lenders under a reorganization plan.

The confirmation of the plan would allow the reorganized company to keep operating and avoid a liquidation, according to the disclosure statement filed Monday.

The disclosure statement and the plan, filed with the U.S. Bankruptcy Court for the District of Delaware, didn’t say how much different classes of creditors would recover.

The Toledo, Ohio-based company filed for bankruptcy June 1 after Covid-19 stay-at-home orders lessened restaurant demand for its glasses and ceramic tableware. When it filed, ...