O-I Glass Puts Unit Into Bankruptcy Under New Asbestos Strategy

Jan. 6, 2020, 4:20 PM

O-I Glass Inc., the largest maker of glass bottles in the world, put a real estate unit into bankruptcy as part of a new strategy to deal with decades-old asbestos poisoning claims that could cost $722 million.

Paddock Enterprises LLC has exhausted the insurance it would otherwise have to help it deal with about 900 personal injury cases for asbestos it faces in the U.S., Paddock chief restructuring officer David J. Gordon said in papers filed in federal court in Wilmington, Delaware Monday.

O-I Glass, formerly known as Owens-Illinois, Inc. and based in Perrysburg, Ohio, saw its shares jump 5.5%, ...

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