O-I Glass subsidiary Paddock Enterprises receives court approval of its disclosure statement, solicitation process for its plan to reorganize; plan would bring a permanent resolution to all current, future asbestos personal injury claims against Paddock

Sample article from our Packaging Industry

PERRYSBURG, Ohio , February 18, 2022 (press release) –

Paddock Enterprises, LLC (“Paddock”), a wholly owned subsidiary of O-I Glass, Inc. (“O-I Glass”), today announced that it has received approval from the United States Bankruptcy Court for the District of Delaware (the “Court”) of its disclosure statement (“Disclosure Statement”) in connection with soliciting votes on its Plan of Reorganization (the “Plan”). The Plan, which is jointly proposed with the Asbestos Claimants’ Committee, the Future Claimants’ Representative, and O-I Glass, would bring a permanent resolution to all current and future asbestos personal injury claims (“Asbestos Claims”) against Paddock.

Andres Lopez, CEO of O-I Glass, commented, “We are pleased that the Court has approved Paddock’s Disclosure Statement, enabling Paddock to take a major step forward toward resolving its legacy liabilities in a just manner for all involved parties. This is an important and positive step in the Chapter 11 process as Paddock moves towards emergence.”

The proposed Plan’s centerpiece is a trust established under section 524(g) of the Bankruptcy Code (the “Asbestos Trust”) that will process and pay Asbestos Claims pursuant to Asbestos Trust Distribution Procedures (“TDP”). In exchange for funding the Asbestos Trust, Paddock and its parent company, O-I Glass, as well as certain additional parties (collectively, the “Protected Parties”), will be protected by an injunction that will prohibit assertion of Asbestos Claims against the Protected Parties and will channel all such Asbestos Claims to the Asbestos Trust. As of the effective date, the Asbestos Trust will be funded with $610 million in cash and other consideration.

A confirmation hearing relating to approval of Paddock’ Plan is presently scheduled to begin on May 16, 2022, and Paddock hopes to emerge from Chapter 11 shortly thereafter.

Paddock is represented in the Chapter 11 case by Latham & Watkins LLP and Richards, Layton & Finger, PA, and O-I Glass is represented by Morris Nichols Arsht & Tunnell LLP.

Neither the filing of the Plan and Disclosure Statement, nor this press release, is a solicitation of votes to accept or reject the Plan. Votes on the Plan will be solicited in accordance with the solicitation procedures approved by the Court and applicable law. The Plan and the Disclosure Statement and any exhibits, when filed, will be available at: https://cases.primeclerk.com/Paddock. ;
O-I Glass news releases are available on the O-I Glass website at www.o-i.com.

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About O-I Glass

At O-I Glass, Inc. (NYSE: OI), we love glass and we’re proud to be one of the leading producers of glass bottles and jars around the globe. Glass is not only beautiful, it’s also pure and completely recyclable, making it the most sustainable rigid packaging material. Headquartered in Perrysburg, Ohio (USA), O-I is the preferred partner for many of the world’s leading food and beverage brands. We innovate in line with customers’ needs to create iconic packaging that builds brands around the world. Led by our diverse team of more than 24,000 people across 70 plants in 19 countries, O-I achieved net sales of $6.4 billion in 2021. Learn more about us: o-i.com / Facebook / Twitter / Instagram / LinkedIn The company routinely posts important information on its website – www.o-i.com/investors.

For more information, contact:
Chris Manuel
Vice President of Investor Relations
567-336-2600
Chris.Manuel@o-i.com

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