(Updates with details from Chapter 11 petition)
- O-I Glass’s unit Paddock Enterprises has voluntarily filed for relief under Chapter 11 in U.S. Bankruptcy Court for the District of Delaware, seeking to resolve all current and future asbestos-related claims.
- O-I Glass’s legacy asbestos-related liabilities are isolated within Paddock, structurally separating them from glass-making operations which remain under O-I Group
- O-I Glass & O-I Group not included in Chapter 11 filing & will continue to operate as usual throughout Paddock’s Chapter 11 process
- Pending final resolution of Chapter 11 proceeding, all asbestos-related claims payments will be suspended
- Paddock’s ultimate goal in Chapter ...