Anchor Glass Container Corp. filed for bankruptcy reorganization mid-April as part of a plan that a spokeswoman said will not affect its plants. The filing, in US Bankruptcy Court for the Middle Distr…
Anchor Glass Container Corp. filed for bankruptcy reorganization mid-April as part of a plan that a spokeswoman said will not affect its plants. The filing, in US Bankruptcy Court for the Middle District of Florida in Tampa, is designed to erase US$ 50 million of debt while keeping Anchor financially sound. Company spokeswoman Carol Cassara said that the deal, already negotiated with Anchor Glass creditors, will give the company financial stability it has lacked for years. The company also filed for Chapter 11 bankruptcy protection in 1996. She said it will be business as usual at Anchor Glass plants. Anchor, third-largest manufacturer of glass containers in the US, according to a company release, employs 2,900 people at 12 facilities. About two years ago, Anchor Glass employed more than 400 people in Warner Robins. Local plant officials could not be reached to update that figure. Cassara said the bankruptcy filing was inevitable after Anchor“s parent company, Canadian firm Consumers Packaging, Inc., filed for bankruptcy in 2001. In March, Anchor Glass secured a new investor, Cerberus Capital Management of New York, which plans to give the company US$ 100 million in new capital. Cassara called that a promising sign. “I think the fact that we“ve been able to attract a new investor willing to invest US$ 100 million does say a lot about Anchor and about the industry,” she said.