Libbey Inc., reported it has successfully 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.
According to company officials, Libbey said it emerges with substantial liquidity, supported by proceeds from a $150 million term loan and a $100 million asset-based lending facility. It also said it has significantly reduced operating costs, strengthened its balance sheet and improved liquidity by reducing net debt to less than $150 million.
“This is an important day for Libbey as we begin a new chapter as a healthy company with the agility to succeed. As a result of this process, we are better positioned to compete and capitalize on the many opportunities for our business,” said Mike Bauer, CEO of Libbey. “Looking ahead, we will maintain our focus on managing costs, providing superior service to our customers and strengthening relationships with our business partners, while demonstrating the same unwavering commitment to creating high-quality glassware and other tabletop products that has been a hallmark of Libbey for the past 200+ years. I am confident in Libbey’s future and excited by all that we will be able to accomplish moving forward.”