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.
Mike Bauer, Chief Executive Officer at Libbey (illustrated), commented: "This is an important day for Libbey, as we begin a new chapter as a healthy company with the agility to succeed. As a result of this process, we are better positioned to compete and capitalise on the many opportunities for our business. Looking ahead, we will maintain our focus on managing costs, providing superior service to our customers and strengthening relationships with our business partners, while demonstrating the same unwavering commitment to creating high quality glassware and other tabletop products that has been a hallmark of Libbey for the past 200+ years. I am confident in Libbey's future and excited by all that we will be able to accomplish moving forward."