Paddock Enterprises LLC, a bankrupt subsidiary of glass bottle maker O-I Glass Inc., received bankruptcy court approval to solicit votes for its Chapter 11 reorganization plan, proposing to fund a $610 million trust to pay current and future asbestos claims.
The disclosure statement, approved on Wednesday by U.S. Bankruptcy Judge Laurie Selber Silverstein, also proposes terms that would permanently resolve claims against O-I Glass and Paddock, which was created by O-I to absorb litigation stemming from its insulation products that contained asbestos.
Paddock filed for bankruptcy in January 2020 to address $722 million in asbestos liability claims.
The terms ...
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