Owens-Illinois Spinoff Proposes $610M Asbestos Claims Trust

By Rick Archer (January 13, 2022, 10:48 AM EST) -- Paddock Enterprises, a spinoff of glassmaker Owens-Illinois, has submitted a proposed Chapter 11 plan to the Delaware bankruptcy court that would establish a $610 million trust fund to pay off its legacy asbestos liability.

In a plan disclosure statement filed Wednesday, Paddock said the plan is the result of a settlement with its asbestos claimants committee and future asbestos claims representative, and will "result in a permanent resolution of all current and future asbestos personal injury claims against the debtor."

"This plan represents a favorable outcome for all parties, and we look forward to the plan's implementation as Paddock moves toward...

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