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 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 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.
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.
Libbey will debut the Linnea line of glass serveware at the upcoming New York Tabletop Market, scheduled to be held April 2 to 5 at Forty One Madison.
Libbey Inc. has named Mike Bauer as the company’s next CEO, effective March 25. Bauer was also appointed to the company’s board of directors, also effective March 25. Bill Foley, Libbey’s current CEO and chairman of the board, will retire as CEO effective March 24, but will remain with the company as executive chairman of the board.