Financial restructuring successfully completed
Libbey Inc reports to have successfully completed its financial restructuring and emerged from Chapter 11.
Through its ‘Plan of Reorganization’, the tableware specialist is emerging from Chapter 11 as a new private company, formed and controlled by Libbey Inc's former lenders, Libbey Glass LLC and will remain under the same leadership.
The company has emerged with substantial liquidity, supported by proceeds from a $150 million term loan and a $100 million asset-based lending facility.
The glassmaker claims to have significantly reduced operating costs, strengthened its balance sheet and improved liquidity by reducing net debt to less than $150 million.