Libbey Inc. has completed its financial restructuring and emerged from Chapter 11 as a new private company, Libbey Glass LLC, formed and controlled by Libbey Inc.’s former lenders. The company said it will remain under the same leadership.
Libbey Inc. said that the U.S. Bankruptcy Court for the District of Delaware has confirmed the company’s plan of reorganization.
With its latest introductions, Libbey has tapped into several consumer trends such as the increased desire for all-purpose glasses, as well as space-saving stackable solutions.
Libbey said it has reached consensual, ratified agreements with the United Steelworkers (USW) and the International Association of Machinists & Aerospace Workers (IAM) regarding modifications to their collective bargaining agreements and union-related retiree health and welfare benefits.
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 Libbey continues to navigate its recent bankruptcy filing, it has filed an amended plan of reorganization and a related disclosure statement in the U.S. Bankruptcy Court for the District of Delaware.
As Libbey continues to navigate its Chapter 11 filing, the company plans to close its Shreveport, LA, factory. The closure is part of cost reduction measures and to better align manufacturing capacity with lower levels of projected demand.
Libbey reported its first quarter revenue was down with a net loss of $78.7 million in the period ending March 31. The loss comes on the heels of the company filing for a court-supervised reorganization under Chapter 11.
Libbey Inc. has gained bankruptcy court approval for its “first day” motions related to its voluntary Chapter 11 petitions for reorganization filed on June 1, 2020.
Libbey Inc. has announced the company and its U.S.-based subsidiaries have filed voluntary petitions for a court-supervised reorganization under Chapter 11 of the Bankruptcy Code in the U.S.
In light of rapidly evolving market conditions, Libbey said it is implementing a number of additional cost reduction measures that includes a pay reduction for all salaried associates in the U.S. and Canada through September 30, 2020.
Libbey has temporarily halted production at its Toledo, OH, and Shreveport, LA, manufacturing facilities for a minimum of two weeks beginning March 23. Company officials stated the changes are in response to the continued spread of COVID-19 and uncertainty regarding the potential impact on the company’s business demand.
Libbey is rolling out its stackable Kearney glassware assortment, in an effort to offer consumers space saving glassware solutions in the home.
Libbey has reported a decrease in its net sales and a wider net loss for the fourth quarter. The company stated the decrease was due to a challenging market and a shortened fourth quarter 2019 holiday season.
Libbey Inc. has appointed Juan Amezquita as the company’s svp/chief financial officer and treasurer, effective January 13, 2020. He succeeds James Burmeister, who has served as Libbey’s CFO since March 2017. Burmeister will remain at the company as svp/chief operating officer.
Despite soft market conditions and a recent restructuring initiative, Libbey reported that sales edged up while its net loss decreased in the third quarter.
Libbey will introduce new glassware this fall season, with a focus on its Lava tumbler line as well as paneled stackable tumblers.
While still new in his role as CEO of Libbey, a market leader in the glassware industry, Mike Bauer has more than 30 years of experience with leading consumer product companies.
Libbey is kicking off a corporate organizational realignment plan that company officials said is designed to drive improved performance and growth. It said the plan is expected to reduce annual pre-tax run-rate costs by approximately $9 million to $11 million.
Facing what the glassware manufacturer called soft market conditions in several regions and channels, Libbey maintained that its second quarter outpaced its expectations, with modest sales growth in the U.S.