Libbey submits disclosure statement for joint plan of reorganization

By Sarah Lizee

Olympia, Wash., June 22 – Libbey Glass Inc. submitted a disclosure statement for its joint plan of reorganization on Monday, according to a filing with the U.S. Bankruptcy Court for the District of Delaware.

The plan allows for a corporate restructuring of the respective businesses, to otherwise simplify the overall corporate structure of the reorganized debtors, or to reincorporate or reorganize some of the affiliate debtors. The restructuring may include one or more mergers, consolidations, restructures, dispositions, liquidations or dissolutions.

Holders of other priority claims, other secured claims and secured tax claims will receive cash equal to their claims.

Holders of prepetition ABL claims will receive payment in full in cash of its claims.

Holders of prepetition term loan claims will receive its pro rata share of 100% of the new equity interests pool and other plan considerations that may be agreed between the debtors and the super-majority term loan lenders.

Holders of general unsecured claims will receive its pro rata share of the general unsecured recovery cash pool.

Holders of intercompany claims are affiliates of the debtors and will be deemed to have accepted the plan.

Old parent interests will be cancelled with no distribution.

Old affiliate interests will remain effective and outstanding.

Libbey is a Toledo, Ohio-based glassware manufacturer. The Chapter 11 case number is 20-11439.

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