Libbey, a glass tableware manufacturer, secured exit financing consisting of a $150 million term loan and a $100 million asset-based lending facility and expects to emerge from its Chapter 11 with under $200 million of funded debt.
“We are pleased to have reached this critical milestone and look forward to emerging as a healthy company with a stronger balance sheet and improved liquidity. I want to thank all of our employees for maintaining an incredible focus on serving our customers and end users without interruption throughout this process, as well as our lenders, customers, vendors and end users for their continued support. We look forward to working with all our stakeholders as we move forward as a stronger partner and continue our 200+-year legacy of delivering the finest glassware and tabletop products to the world and empowering consumers to celebrate life’s moments” Mike Bauer, CEO of Libbey, said.
Latham & Watkins is serving as legal advisor to Libbey, while Alvarez & Marsal is serving as restructuring advisor and Lazard is serving as financial advisor.