Imaflex Inc. is pleased to announce that it has signed equipment purchase agreements over the past quarter for three new co-extrusion blown film lines ("extruders") to help meet heightening demand for its products. "In recent years Imaflex has seen consistent, profitable growth in its Canadian and U.S. operations," commented Mr. Joe Abbandonato, President and Chief Executive Officer of Imaflex. "During this time, we have been upgrading all major extrusion lines in order to meet heightening market demand for enhanced film quality, which permits our converting customers' equipment to run at ever increasing speeds. Simultaneously, and as forecasted, we successfully reached our goal of selling out the capacity of our higher margin 5-layer line. Demand has been so robust on the niche products we created for this line that we recently purchased three new co-extruders." They are expected to generate additional extrusion capacity of between 12 to 15 million pounds per year, depending on product mix. Once an extruder is installed and fully operational, it should be fully utilized within 18 months. Barring any supply chain challenges, the extruders are expected to arrive at varying intervals ending the second quarter of 2023.
O-I Glass, Inc. (“O-I Glass”) today announced that its wholly owned subsidiary, Paddock Enterprises, LLC (“Paddock”), has emerged from Chapter 11 protection, following affirmation by the U.S. District Court for the District of Delaware on June 22, 2022, of an order confirming Paddock’s Plan of Reorganization (the “Plan”). The Plan was previously confirmed by the U.S. Bankruptcy Court for the District of Delaware on May 26, 2022. Paddock emerges from Chapter 11 having achieved a final and fair resolution of its asbestos-related legacy liabilities under the Plan.
“Paddock’s Chapter 11 process has been completed in a manner that provides finality for the company and, importantly, fair and equitable resolution for claimants,” said Andres Lopez, CEO of O-I Glass.
The approved Plan was jointly proposed by Paddock, the official representatives for Paddock’s asbestos claimants in the Chapter 11 proceeding—the Asbestos Claimants Committee and the Future Claimants’ Representative—and O-I Glass. The centerpiece of the Plan is a trust established under section 524(g) of the Bankruptcy Code (the “Asbestos Trust”) that processes and pays asbestos personal injury claims (“Asbestos Claims”) pursuant to Asbestos Trust Distribution Procedures. As of today, the Asbestos Trust has been fully funded, with cash and other consideration totaling $610 million.
In exchange for funding the Asbestos Trust, Paddock and its parent company, O-I Glass, as well as its current and former affiliates (collectively with certain additional parties, the “Protected Parties”), are protected by an injunction that prohibits assertion of Asbestos Claims against the Protected Parties and channels all such Asbestos Claims to the Asbestos Trust.