Glass Group: no deal yet on Flat River plant

The future of The Flat River Glass factory in Missouri remained uncertain as of 1 September 2005 as negotiations continued on the sale of the Glass Group-owned plant to Austrian glassmaker Stlzle-Ober…

The future of The Flat River Glass factory in Missouri remained uncertain as of 1 September 2005 as negotiations continued on the sale of the Glass Group-owned plant to Austrian glassmaker Stlzle-Oberglas. Bankrupt Millville, New Jersey-based Glass Group Inc. wanted to finalize the deal before a hearing on 30 September 2005 in Bankruptcy Court in Wilmington, Delaware, but lawyers continued to exchange draft proposals Friday afternoon, Glass Group lawyer Derek Abbott told the court. However, the glassmaker is working on the assumption it can sign a deal to sell the factory in Park Hills, where about 530 work, and two glass-decorating plants in the New Jersey cities of Williamstown and Mays Landing. No details were available. Separately, Glass Group also missed a deadline on 30 September 2005 to close the sale of its Millville, New Jersey, glass factory because it had yet to receive the required authorizations from New Jersey environmental regulators. The court approved that sale on 19 September 2005. However, the buyer, Gerresheimer Group GmbH of Germany, agreed to extend the deadline until 7 October 2005. Glass Group expects the sale to close before that date. Because a Stlzle deal appears close, key lender CapitalSource Finance LLC again extended Glass Group“s financing through 3 October 2005, when the bankrupt company will formally request a longer extension in a court hearing. If Stlzle signs a purchase agreement, the lender is expected to extend that financing, which is needed to keep the company running, for another week.