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O-I Glass’ $610 Million Plan to Pay Asbestos Claims Approved

May 16, 2022, 7:10 PM

O-I Glass’s bankrupt unit won court approval of its plan to create a $610 million trust to resolve decades-old asbestos litigation.

Paddock Enterprises, a unit O-I Glass created in 2019 and sent for bankruptcy protection, said it will use the special trust in the plan to pay in full all current and future claims from consumers injured by exposure to an asbestos-contaminated insulation product O-I discontinued in the late 1950s.

The fund total in the trust is enough to pay for all claims, according to the plan approved Monday at a hearing by Judge Laurie Silberstein of the US ...