US glass container manufacturer Anchor Glass Container Corporation announced on 15 March that it had entered into a definitive agreement with Cerberus Capital Management L.P., pursuant to which Cerberus will invest US$ 100 million of new capital in Anchor (US$ 80 million of which will be in the form of equity capital). Anchor will effect a significant restructuring of its existing debt and equity securities. The proposed plan of reorganization will result in Anchor“s existing senior bank facility being replaced in its entirety by a new US$ 100 million credit facility. Anchor“s first mortgage notes remaining outstanding will be paid an amount to compensate them for their waiver of certain change of control provisions, while Anchor“s unsecured notes will be repaid in cash at 100% of their principal amount. Anchor“s Series A Preferred Stock (which has a current accrued liquidation value of approximately US$ 82 million) will receive a cash distribution of US$ 22.5 million and Anchor“s Series B Preferred Stock (which has a current accrued liquidation value of approximately US$ 106 million) will receive a cash distribution of US$ 3.0 million. All of Anchor“s other unaffiliated creditors, including trade creditors, will be unimpaired and be paid in full in the ordinary course. Anchor“s outstanding Common Stock will be cancelled and receive no distribution under the plan. The plan will be effected through a “pre-arranged” case under Chapter 11 of the Bankruptcy Code. It is anticipated that Anchor will commence the formal bankruptcy proceeding within the next two weeks. The closing of the transactions is subject to a number of conditions, including the confirmation of a plan of reorganization by the United States Bankruptcy Court, the absence of any material adverse change in the business of Anchor, the settlement of a shareholder derivative action currently pending in Delaware Chancery Court, receipt of any required governmental approvals and third party consents and other closing conditions. In connection with the proposed plan, Anchor said it would not make the interest payment on its senior unsecured notes due 15 March or the interest payment on its first mortgage notes due 1 April although all accrued interest on the first mortgage notes will be paid upon confirmation of the plan. Merrill Lynch & Co. acted as exclusive financial advisor to Anchor in connection with the proposed transaction. Anchor also announced that it had entered into a Settlement Agreement with Owens-Illinois, Inc. resolving the litigation brought by Owens against Anchor relating to the license agreement under which Anchor licenses certain Owens technology. As part of the settlement, Owens has granted Anchor a limited license, at the same royalty rate as currently in effect, through 2005 to cover Owens technology in place, after which Anchor will receive a fully paid-up license for that technology. In addition, Anchor and Owens have entered into releases regarding the litigation commenced by Owens in Delaware regarding Anchor“s shareholder rights plan and the litigation brought by Anchor in the middle district of Florida regarding competition issues.

Gross earnings at glassworks Rona Crystal dropped by some SKK 5 million to SKK 14 million in 2001 as a result of reserves made, Zlatica Balonova, economic director of subsidiary Rona, said. “Revenues …

Gross earnings at glassworks Rona Crystal dropped by some SKK 5 million to SKK 14 million in 2001 as a result of reserves made, Zlatica Balonova, economic director of subsidiary Rona, said. “Revenues from the sale of products and services were worth SKK 1.175 billion, which represents a year-on-year increase by SKK 86 million,” she said. The entire Rona Crystal group generated SKK 1.505 billionn sales in 2001. Rona Crystal“s investment in a new production line amounted to SKK 400 million. Exports contributed 96.2% to the overall sales and headed largely for Canada, the EU and the US. Some 3.7% of exports went to the Czech Republic. The company with nearly a 1,500-strong workforce plans to make a SKK 24 million profit this year.