Report: Libbey Postpones Chapter 11 Exit

According to a local media report, Libbey Inc. has postponed the date that it plans to emerge from Chapter 11 bankruptcy until the first week of October.

As previously reported, Libbey filed Chapter 11 for a reorganization to strengthen its balance sheet to navigate the effects of the COVID-19 pandemic and better position the company for the future

In a recent filing with the Securities and Exchange Commission, Libbey pushed back the date that a federal judge must approve its plan of reorganization to October 5 and extended the date by which it will begin its reorganization plan to October 7.

It was also reported that Libbey’s lenders have agreed to the October time extension. Its lenders are providing the company with up to $160 million in debtor-in-possession financing, including a $100 million revolving credit facility and a $60 million term loan.