Libbey files for bankruptcy

Jun. 01, 2020 6:44 AM ETLibbey Inc. (LBY)LBYBy: Niloofer Shaikh, SA News Editor5 Comments
  • Libbey (NYSEMKT:LBY) has filed for voluntary Chapter 11 bankruptcy, and its international subsidiaries in Canada, China, Mexico, the Netherlands and Portugal aren't included in this proceedings.
  • The company's existing lenders have agreed to provide up to $160M in debtor-in-possession financing, including a $100M revolving credit facility and a $60M term loan.
  • Mike Bauer, chief executive officer of Libbey, said, "While we entered 2020 with positive momentum from our strong finish in 2019, the dramatic and prolonged impact of COVID-19 on the demand for our products and on our business is truly unprecedented in Libbey's more than 200-year history. As a result, entering this process is a necessary step to address our liquidity, strengthen our balance sheet and better position Libbey for the future. We believe this process will help Libbey become an even stronger, more influential partner to our customers, vendors and end users, and ensure we continue to create the most rewarding experiences with our extensive line of high-quality glassware and other tabletop products."
  • The company is filing customary first-day motions to smoothly transition its business.

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