US glass tableware manufacturer Libbey is to emerge from a bankruptcy plan in the coming weeks.
It said it expects to complete its court-supervised restructuring and emerge from Chapter 11 with a stronger balance sheet, reduced debt and the agility to position the company to succeed.
The glass manufacturer has secured exit financing consisting of a $150 million term loan and a $100 million asset-based lending facility, and expects to emerge from the Chapter 11 process with less than $200 million of debt.
Mike Bauer, chief executive officer of Libbey, said: "I want to thank all of our employees for maintaining an incredible focus on serving our customers and end users without interruption throughout this process.
“We look forward to working with all our stakeholders as we move forward as a stronger partner and continue our 200+-year legacy of delivering the finest glassware and tabletop products to the world and empowering consumers to celebrate life's moments."
Libbey had filed petitions for a court-supervised reorganisation under Chapter 11 under Title 11 of the United States Code in the Bankruptcy Court on June 1.
Libbey's international subsidiaries in Canada, China, Mexico, the Netherlands and Portugal are not included in the proceedings and are operating as normal.
