O-I has embarked on a corporate modernisation that will result in the formation of a new holding company, O-I Glass Inc, that would become the parent company of O-I.

The holding company would also replace O-I as the public company trading on the New York Stock Exchange and assume O-I’s current ticker symbol: OI

The company’s first move was to authorise attempts to gather the consent of bondholders and creditors that may have loans, bonds, or other finance arrangements with O-I or any of its many subsidiaries.

Once that is obtained sometime later this month, the company is expected to announce other moves that currently it cannot openly discuss because of restrictions that apply to it as a publicly-traded company

But the world’s largest glassmaker said it expects to complete its process and begin to implement its corporate modernisation by year’s end.

O-I said it was taking the steps because it believes the move “would improve the company’s operating efficiency and cost structure, while ensuring the company remains well-positioned to address its legacy liabilities.”