Libbey successfully completes financial restructuring

The company moves forward with stronger balance sheet and improved liquidity

Libbey Inc., one of the world’s largest glass tableware manufacturers, today announced that it has successfully completed its financial restructuring and emerged from Chapter 11.

Through its Plan of Reorganization, Libbey Inc. is emerging from Chapter 11 as a new private company formed and controlled by Libbey Inc.’s former lenders, Libbey Glass LLC (the “Company” and together with Libbey Inc., “Libbey”), and will remain under the same leadership. The Company emerges with substantial liquidity, supported by proceeds from a 150 million USD term loan and a 100 million USD asset-based lending facility. The Company has significantly reduced operating costs, strengthened its balance sheet and improved liquidity by reducing net debt to less than 150 million USD.

Mike Bauer, chief executive officer of Libbey, said, “This is an important day for Libbey as we begin a new chapter as a healthy company with the agility to succeed. As a result of this process, we are better positioned to compete and capitalize on the many opportunities for our business. Looking ahead, we will maintain our focus on managing costs, providing superior service to our customers and strengthening relationships with our business partners, while demonstrating the same unwavering commitment to creating high-quality glassware and other tabletop products that has been a hallmark of Libbey for the past 200+ years. I am confident in Libbey’s future and excited by all that we will be able to accomplish moving forward.”

Mr. Bauer continued, “Our emergence from this process in less than six months is a testament to the faith, hard work and resilience of our nearly 6,000 employees globally, who continue to deliver unsurpassed service, product innovations and business excellence. On behalf of everyone at Libbey, I would also like to thank our customers, vendors and lenders for their continued confidence and support, and we look forward to continuing to partner with them for years to come.”

Concurrent with its emergence, the Company entered into new exit financing arrangements with Mitsubishi UFJ Financial Group (MUFG) Union Bank, N.A. and a syndicate comprised of a number of Libbey Inc.’s pre-petition lenders and new equity owners.

Latham & Watkins LLP served as legal advisor to Libbey, Alvarez & Marsal served as restructuring advisor and Lazard served as financial advisor. Arnold & Porter Kaye Scholer LLP served as legal advisor to the ad hoc lender group, and Ankura served as financial advisor.

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