Owens-Illinois Spinoff Files Ch. 11 To Handle Asbestos Costs

Law360 (January 6, 2020, 11:23 AM EST) -- A spinoff of glassmaker Owens-Illinois Inc. filed for Chapter 11 protection in Delaware on Monday, saying it is facing hundreds of millions of dollars in liability and legal costs for asbestos products sold more than half a century ago.

In bankruptcy filings Monday, Paddock Enterprises LLC said Owens-Illinois spent more than $5 billion handling claims related to asbestos insulation sold in the 1940s and 1950s and that it is currently a defendant in 900 lawsuits nationwide. Asbestos-related payments have been running more than $100 million a year and show no signs of slacking off, it said.

“Paddock evaluated its options and...

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