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O-I Glass Affiliate Paddock Enterprises Files for Chapter 11 (1)

Jan. 6, 2020, 11:14 AM

(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 ...

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