The bankruptcy court has given Millville, New Jersey-based container glass maker Glass Group Inc. a two-month extension to file a Chapter 11 plan setting out the company“s programme for liquidation o…
The bankruptcy court has given Millville, New Jersey-based container glass maker Glass Group Inc. a two-month extension to file a Chapter 11 plan setting out the company“s programme for liquidation or reorganization. Judge Peter J. Walsh of the U.S. Bankruptcy Court in Wilmington, Delaware, on 19 July 2005 gave the glass manufacturer an extension through 31 August 2005 to file its Chapter 11 plan and through 30 October 2005 to solicit creditor support for the plan. The company had requested a plan filing extension through 30 September 2005. According to court papers, Glass Group has until 5 August 2005 to file its plan to either sell its assets or reorganize, or its creditors committee and debtor-in-possession lender CapitalSource Finance LLC will be allowed to put forward their own plans to bring the company out of bankruptcy. Glass Group said it needed the additional exclusive time to decide whether to reorganize or to liquidate its assets. In court papers filed in June 2005, the company said it had considered a number of financial buyers, and had begun to negotiate terms of a possible purchase agreement with several parties. Glass Group, however, said the time-consuming marketing process gave it little time to determine whether a sale or reorganization would be most beneficial to creditors. Formerly known as Wheaton Glass Co., Glass Group employs more than 1,400 people at plants in New Jersey and Missouri. The company estimated its total debts at USD 69.2 million when it filed for bankruptcy protection on 28 February 2005. The company makes glass containers for the pharmaceutical, cosmetic, and food and beverage industries.