Here's what we are reading this morning:
O-I Glass Subsidiary Floats $610 Million Asbestos Bankruptcy Settlement: A bankrupt subsidiary of O-I Glass Inc., one of the world’s largest makers of glass container products, has proposed a $610 million settlement to resolve costly litigation arising from manufacturing thermal insulation products that contained asbestos, a cancer-causing mineral.
O-I Glass Subsidiary Paddock Enterprises, LLC Files Chapter 11 Plan of Reorganization and Disclosure Statement: The Plan’s centerpiece is a trust established under section 524(g) of the Bankruptcy Code that will process and pay Asbestos Claims pursuant to Asbestos Trust Distribution Procedures. In exchange for funding the Asbestos Trust, Paddock and its parent company, O I Glass, as well as certain additional parties, will be protected by an injunction that will prohibit assertion of Asbestos Claims against the Protected Parties and will channel all such Asbestos Claims to the Asbestos Trust.
Troubled Chemical Firm TPC Preps for Debt Talks as Payments Loom - Bloomberg: The chemical company has told creditors it may skip the upcoming payments, and is discussing options to address its more than more than $1 billion of debt, said the people, who declined to be named discussing private information. The company’s earnings have plummeted as it deals with the fallout of a string of crises.
The populist backlash in Chapter 11: David Skeel discusses the bankruptcy process during the Covid-19 recession and the growing populist backlash against Chapter 11 and bailing out businesses.
Seadrill Subsidiary Speeds Through Bankruptcy in a Day: Seadrill New Finance received court approval for a chapter 11 plan to hand control to creditors after a single day in bankruptcy, bringing its parent company, offshore rig operator Seadrill Ltd., one step closer to completing its own restructuring.