Glass Group: court approves sale of properties

Glass Group Inc. has gained bankruptcy court approval to sell its warehouse and mold manufacturing shop in Millville, New Jersey, and 12.14 hectares of land in Mays Landing, New Jersey, to NFI Real Es…

Glass Group Inc. has gained bankruptcy court approval to sell its warehouse and mold manufacturing shop in Millville, New Jersey, and 12.14 hectares of land in Mays Landing, New Jersey, to NFI Real Estate LLC for USD 5.5 million. Judge Kevin Gross of the US Bankruptcy Court in Wilmington, Delaware, approved the sale 23 June 2006 after he confirmed the company“s Chapter 11 liquidation plan. Glass Group originally planned to sell the assets to a minority shareholder group that includes University of Louisville basketball coach Rick Pitino and former NBA star Jamal Mashburn. Glass Group will use the proceeds of the sale to help pay off its creditors under the terms of its court-approved liquidation plan. Unsecured creditors, owed between USD 19.9 million and USD 24.8 million, are expected to recover between about USD 0.15 and USD 0.367 on the dollar. Glass Group sold most of its assets in two separate deals in 2005. India“s Gujarat Glass Ltd. acquired the company“s Flat River, Missouri, glassworks for about USD 15 million, and the German Gerresheimer Group“s Kimble Glass Inc. subsidiary bought the company“s main Millville plant and its stake in a Chinese joint venture for USD 20 million. Formerly known as Wheaton Glass Co., the company once employed more than 1,400 at its New Jersey and Missouri plants. Glass Group sought Chapter 11 bankruptcy protection 28 February 2005, listing debts of USD 69.2 million.