PERRYSBURG, Ohio, Jan. 12, 2022 (GLOBE NEWSWIRE) – FOR IMMEDIATE RELEASE
OI Glass, Inc. (“OI Glass & CloseCurlyDoubleQuote; or” OI & CloseCurlyDoubleQuote;) announced today that its wholly owned subsidiary, Paddock Enterprises, LLC (“Paddock & CloseCurlyDoubleQuote;), has filed its reorganization plan (the” Plan & CloseCurlyDoubleQuote;) and the related disclosure statement (“Disclosure Statement”) with the United States Bankruptcy Court for the District of Delaware (the “Court & CloseCurlyDoubleQuote;) a permanent resolution of all current and future asbestos personal injury claims (“Asbestos Claims & CloseCurlyDoubleQuote;). The plan is jointly proposed by the “Plan Proponents & CloseCurlyDoubleQuote; who are OI Glass, the Official Committee for Asbestos Bodily Injury Claimants (the “ACC & CloseCurlyDoubleQuote;), Paddock and the Legal Representative of Prospective Asbestos Bodily Injury Claimants (the” FCR & CloseCurlyDoubleQuote;).
Andres Lopez, CEO of OI Glass, said: “We are delighted that Paddock is taking a further step towards achieving the goal of resolving its legacy responsibilities in a manner that is fair and efficient for applicants and ensures the finality for OI Glass and Paddock. This plan represents a favorable outcome for all parties, and we look forward to the implementation of the plan ‘as Paddock moves towards emergence. ”
The centerpiece of the Plan is a trust established under Section 524 (g) of the Bankruptcy Code (the “Asbestos Trust & CloseCurlyDoubleQuote;) in return for funding from the Asbestos Trust, Paddock and its parent company, OI Glass, as well as certain additional parties (collectively, “Protected Parties & CloseCurlyDoubleQuote;), will be protected by an injunction which will prohibit the assertion of asbestos-related claims against the protected parties. and will forward all such asbestos-related claims to the Asbestos Trust.
The Asbestos Trust would be funded to the tune of $ 610 million on the effective date of the scheme. The plan follows extensive informal negotiations and more than a month of formal mediation between the plan’s promoters. A hearing to consider the approval of the disclosure statement is scheduled with bankruptcy court on February 16, 2022. Paddock expects a confirmation hearing on the plan to be scheduled for the second quarter of 2022.
Paddock is represented in the Chapter 11 matter by Latham & Watkins LLP and Richards, Layton & Finger, PA, and OI Glass is represented by Morris Nichols Arsht & Tunnell LLP.
This press release is not intended to solicit a vote on the plan. The plan, disclosure statement and all supporting documents, once filed, will be available at: https://cases.primeclerk.com/Paddock
OI Glass press releases are available on the OI Glass website at www.oi.com.
About OI Glass
At OI Glass, Inc. (NYSE: OI), we love glass and are proud to be one of the leading producers of glass bottles and jars in the world. Glass not only looks good, it’s also pure and fully recyclable, making it the most durable rigid packaging material. Based in Perrysburg, Ohio (USA), OI is the preferred partner of many global food and beverage brands. We innovate in agreement with customers’ must create iconic packaging that builds brands around the world. Led by our diverse team of over 25,000 people in 72plants in 20country, OI achieved a turnover of 6.1 billion dollars in 2020. Learn more about us: oi.com /Facebook / Twitter / Instagram / LinkedIn The company regularly publishes important information on its website – www.oi.com/investisseurs.
This press release contains “forward-looking & CloseCurlyDoubleQuote; statements relating to OI Glass and Paddock within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. These forward-looking statements relate to the plan, the outcome of Paddock’s Chapter 11 bankruptcy proceedings and the related impact on OI Glass ‘and the business, results of operations and financial condition of Paddock’ Forward-looking statements reflect OI Glass ‘and Paddock’s current expectations and projections’ regarding future events at that time and involve uncertainties and risks. The words “believe,” “will,” “could,” “would,” “plan,” “potential,” and the negatives of these words and other similar expressions generally identify forward-looking statements.
It is possible that actual results will differ from expectations due to various factors, including, but not limited to the following: (1) the risk that the plan will not be approved by the court or that other conditions necessary for the implementation of the agreement in principle may not be satisfied, (2) the actions and decisions of the participants in the bankruptcy proceedings, and the actions and decisions of third parties, including regulators, which may have an impact. interest in the bankruptcy proceedings, (3) the terms and conditions of any reorganization plan which may ultimately be approved by the bankruptcy court, (4) delays in the confirmation or consummation of a reorganization plan due to factors other than OI Glass & CloseCurlyQuote; and the control of Paddock ‘, (5) the risks related to the receipt of the consents necessary to carry out the reorganization, (6) the inherent risks and potentially unfavorable developments related to the bankruptcy proceedings, which could negatively affect OI Glass and OI Glass’ cash or operating results, (7) the impact of the COVID-19 pandemic and the various government, industry and consumer actions related to it, (8) OI Glass & CloseCurlyQuote; ability to obtain the benefits it expects from the modernization of the company, (9) OI Glass’ ability to manage its cost structure, including its success in implementing restructuring or other plans aimed at improving OI Glass & CloseCurlyQuote; operational efficiency and working capital management, achieving cost savings and remaining well positioned to meet the responsibilities inherited from Paddock ‘(10) OI Glass’ ability to acquire or sell businesses, acquire and expand factories, integrate the operations of acquired businesses and obtain the expected benefits from acquisitions, divestitures or expansions, (11) OI Glass & CloseCurlyQuote; ability to achieve its strategic plan, (12) OI Glass’ ability to improve its glass melting technology, known as the MAGMA program, (13) foreign currency fluctuations against the US dollar, (14) changes in the availability or cost of capital, including fluctuations in interest rates and the ability of OI Glass to refinance debt on favorable terms, (15) general political, economic and competitive conditions in the markets and countries where OI Glass operates, including Brexit uncertainties, economic and social conditions, supply chain disruptions, competitive pricing pressures, inflation or deflation, changes in tax rates and laws, natural disasters and weather conditions, (16) OI Glass ‘ability to generate sufficient future cash flows to ensure OI Glass’ goodwill is not altered, (17) consumer preferences for alternative forms of packaging, (18) the cost and availability of raw materials, labor, energy and transportation, (19) the consolidation between competitors and customers, (20) unforeseen data expenses privacy, environmental, safety and health laws, (21) unforeseen operational disruptions, including increased capital expenditure, ( 22) OI Glass & CloseCurlyQuote; ability to further develop sales, marketing and product development capabilities, (23) failure of OI Glass & CloseCurlyQuote; joint venture partners to meet their obligations or commit additional capital to the joint venture, (24) the ability of OI Glass and the third parties it relies on for IT system support to prevent and detect security breaches. security related to cybersecurity and data privacy, (25) changes in US trade policies and other risk factors discussed in OI Glass & CloseCurlyQuote; Annual report on Form 10-K for the fiscal year ended December 31, 2020 and any annual report subsequently filed on Form 10-K, quarterly reports on Form 10-Q or OI Glass & CloseCurlyQuote; other filings with the Securities and Exchange Commission.
- Paddock Enterprises, LLC, a subsidiary of OI Glass, files Chapter 11 reorganization plan and disclosure statement
For more information, contact: Chris Manuel Vice President of Investor Relations 567-336-2600 [email protected]