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Libbey Inc., one of the world's largest glass tableware manufacturers, today announced that it has successfully completed its financial restructuring and emerged from Chapter 11. Through its Plan of Reorganization, Libbey Inc. is emerging from Chapter 11 as a new private company formed and controlled by Libbey Inc.’s former lenders, Libbey Glass LLC (the “Company” and together with Libbey Inc., “Libbey”), and will remain under the same leadership. The Company emerges with substantial liquidity, supported by proceeds from a $150 million term loan and a $100 million asset-based lending facility. The Company has significantly reduced operating costs, strengthened its balance sheet and improved liquidity by reducing net debt to less than $150 million.
Mike Bauer, chief executive officer of Libbey, said, “This is an important day for Libbey as we begin a new chapter as a healthy company with the agility to succeed. As a result of this process, we are better positioned to compete and capitalize on the many opportunities for our business. Looking ahead, we will maintain our focus on managing costs, providing superior service to our customers and strengthening relationships with our business partners, while demonstrating the same unwavering commitment to creating high-quality glassware and other tabletop products that has been a hallmark of Libbey for the past 200+ years. I am confident in Libbey’s future and excited by all that we will be able to accomplish moving forward.” Mr. Bauer continued, “Our emergence from this process in less than six months is a testament to the faith, hard work and resilience of our nearly 6,000 employees globally, who continue to deliver unsurpassed service, product innovations and business excellence. On behalf of everyone at Libbey, I would also like to thank our customers, vendors and lenders for their continued confidence and support, and we look forward to continuing to partner with them for years to come.” Concurrent with its emergence, the Company entered into new exit financing arrangements with Mitsubishi UFJ Financial Group (MUFG) Union Bank, N.A. and a syndicate comprised of a number of Libbe A huge hit in hotels and restaurants around the world – and now recognized by a respected panel of judges: the SHABBY CHIC pattern concept by SCHÖNWALD has been nominated for the prestigious German Design Award 2019. SHABBY CHIC, which combines the seemingly contradictory with its urban, modern lines has been nominated in the Excellent Product Design / Tabletop category. “Apart from the excellent quality, ‘Made in Germany’, the SCHÖNWALD brand always stands for distinctive design and has already received multiple design awards. We are therefore all the more delighted to have received this special nomination for SHABBY CHIC,” says Head of Marketing Matthias Schöffel. The German Design Award is among the most prestigious international awards of their kind and the winners are chosen by a high-caliber international jury. The award is given to innovative products and projects, as well as their manufacturers and creators, that are groundbreaking in the German and international design world. Their objective is to present and recognize unique design trends. Urban, Nordic and charming: with SHABBY CHIC SCHÖNWALD combines nostalgic zeitgeist with the modern lines of professional tableware. A total of eight different patterns are available – in shades of grey-blue, in stoneware look, either with or without ornamentation. “They convey a sense of home, awaken memories and tell stories,” Matthias Schöffel says. That the charming character of the SHABBY CHIC patterns is equally at home in trendy bistros and high-end restaurants is evident in the many references from all over the world. The five-star Constance Belle Mare Plage hotel in Mauritius, for example, became one of SCHÖNWALD’s newest customers this summer, having chosen SHABBY CHIC. With the Regency in Amsterdam, the HYATT Group has equipped another one of its properties with SHABBY CHIC, as has the Four Seasons at the spectacular Burj Alshaya skyscraper in Kuwait. SHABBY CHIC also works perfectly in small restaurants, as can be seen at the Café Coco in Kuwait.
In Germany too, a range of references bear witness to the versatility of the SHABBY CHIC range of patterns. Be it at the trendy Wilma Wunder restaurants in Dresden and Düsseldorf, the cozy Gasthof Wotschofska in Spreewald, the light and summery Strandhaus 37 in Göttingen or the urban, hip Café Leonor in Hamburg – SHABBY CHIC is becoming more popular all the time, delighting restaurateurs in many different kinds of establishment. For more information on SHABBY CHIC or any of the other wide range of dinnerware and tabletop designs for the hospitality sector from Schonwald, go here: http://www.schoenwald.com/index.php/home-en.html In North America, SHABBY CHIC and Schonwald are available thru Libbey Foodservice: https://foodservice.libbey.com/ Throughout this year, hospitality tabletop leader Libbey is continuing to celebrate two centuries of innovation. The glassware company that developed the first machine-blown glass has evolved into a full-spectrum tabletop provider delivering insights-driven solutions for the foodservice industry. Libbey continues to set new standards in craftsmanship to help chefs, mixologists and operators create one-of-a-kind experiences for guests. With a nod to the past and just in time for this year’s holiday season, Libbey brings a new perspective to timeless glassware design. Circa™ Cocktails, part of the Master’s Reserve® CONTEMPO collection, includes five luxury cocktail stemware patterns featuring a vintage design reminiscent of the 1930s. The collection includes an 8 oz. Coupe, 6 oz. Flute, 5½ oz. Nick & Nora, 5 oz. Cocktail Glass and 3 oz. Liqueur. Retro-inspired designs reminiscent of the 1930s, Libbey’s new Circa Cocktails collection is the perfect glassware to introduce a unique cocktail character to your menu and is ideal for trending super-premium spirits. In addition, reduced vintage capacities support greater profit per serving, helping optimize cocktail price points for operators.
“Master’s Reserve embodies Libbey’s long-standing glassware expertise and drive toward innovation,” Dountas added. “Blending decades of Libbey’s world-class innovation with American craftsmanship, Master’s Reserve delivers on restaurateurs’ dual desires − exquisite presentation and superior service life.”
For more information on the new Circa™ Cocktails glassware from Libbey or any of their other wide range of hospitality products, go here: https://foodservice.libbey.com/
Libbey lets your fresh ingredients sing with timeless style, presented against these expanding collections of brilliant white backdrops. Libbey’s brightest-ever white porcelain, CONSTELLATION dinnerware is ideal for creating the ultimate fresh experience, featuring integrated Microban® technology that helps inhibit odor and stain-causing bacteria. In addition, CONSTELLATION shows its appeal to the senior living and healthcare sector with its new RIGEL pellet plate and bowl being designed to work seamlessly with most complete pellet serving systems. While we haven’t seen others offer a bowl suited for this use, Libbey gives you this added choice for greater versatility while also helping keep food more secure during transport.
See HEALTHY INDULGENCE at foodservice.libbey.com/insights for more inspiration on how to make your healthful presentations shine. To learn more about the new CONSTELLATION dinnerware collection and all of great fooservice tabletop options from Libbey, go here: https://foodservice.libbey.com/ Germany’s SCHÖNWALD continues its new product launches! With the latest additions to its Noble China ALLURE Collection and the minimalist UNLIMITED Collection, the porcelain specialist SCHÖNWALD has once again convincingly demonstrated its expertise in the area of professional tableware: the new coupe plates give chefs all over the world the chance to satisfy their desire to experiment and present food in an endless variety of new and exciting ways. Their reduced design language creates new platforms and allows for diverse combinations, so that the individual character and culinary finesse of the given dish can be fully revealed. Flat coupe plates in four different sizes have now been added to the ALLURE Collection (shown below), which has created a furor among world-class chefs and restaurateurs since its introduction in 2015. ALLURE’s attraction lies in an impressive trinity: urbane elegance, born out of its unusual design; a delicate body; and the exquisite soft shade of BoneWhite, made of the innovative hard porcelain body, Noble China. The new coupe plates are available in sizes ranging from 15 to 31 centimeters, allowing the chef to respond to the coupe plate trend with the high-performance materiality of Noble China. New fields of tension are created here in combination with the faceted ALLURE pieces. With flat coupe plates in seven sizes and deep coupe plates in two sizes, the UNLIMITED Collection opens up new dimensions when it comes to the art of combination. The sizes of the flat coupe plates range from a 15-centimeter (5.9") side plate to a 32-centimeter (12.6")charger. Suitable not only for soups and salads, these deep coupe plates – measuring 21 (8.3") and 28 (11") centimeters respectively – are veritable “all-rounders”. Chefs love them because they provide unlimited scope for the interpretation and presentation of their creations.
UNLIMITED’s charm lies in its minimalist elements that combine selected pieces from various collections into a highly versatile ensemble – simply perfect for presenting modern dishes in any setting and for every occasion. The coupe plates are ideal for creating exciting combinations with rim plates, square elements or decorated pieces. As one would expect, the new ALLURE and UNLIMITED coupe plates are of the accustomed high “Made in Germany” quality of SCHÖNWALD hard porcelain. In North America, Libbey Foodservice is the source for Schönwald products. For more information on SCHÖNWALD or the new coupe shaped items, go here: SCHÖNWALD Creates New Coupe Items for Its ALLURE and UNLIMITED Lines Libbey Inc., one of the largest glass tableware manufacturers in the world, today reported results for the third quarter-ended September 30, 2015. Third Quarter Financial Highlights
With this announcement, Libbey shares fell 24.23% on Thursday, from $34.02 to close at $25.92 per share. For more information on Libbey Inc.'s results, go here: http://investorrelations.libbey.com/phoenix.zhtml?c=64169&p=irol-newsArticle&ID=2107228
"With its strong, slender side walls, PRISM brings together elegance and strength to deliver exquisite beverage presentations and superior service life," Dountas added. "The angular shape works to guide both presentation and profitability."
For more information on new PRISM glassware or any of the other wide range of products that Libbey® Foodservice has for the hospitality tabletop, go here: Libbey: PRISM Brings New Perspective to Master's Reserve Collection
“Offering global cuisine or putting an Asian twist to menu items is a great opportunity for restaurateurs to bring cultural elements to the tabletop, elevating the dining experience,” said Susan J. Dountas, director of foodservice marketing for Libbey Inc. “Bold, eye-catching tableware can enrich chefs’ presentations of Asian-inspired foods.”
Rice and noodles are key ingredients in Asian cuisine. New World Tableware Rice Bowls (below), available in three sizes, are lightweight and ideal for keeping food hot. The brushed stainless steel construction is a beautiful accent for the table and provides durability and lasting performance. For more information on HAKONE from Libbey® Foodservice or any other the company's wide range of hospitality tabletop items, go here:
Libbey: New Items Enhance The Asian Dining and Beverage Experience Hospitality tabletop leader Libbey® Foodservice continues its trend of elevating the dining and beverage experience at all levels of hospitality dining. The desire for a fine dining experience without the formal atmosphere that accompanied it in the past has inspired a new, upscale-casual dining segment. Capture this refined yet polished casual appeal with exquisite tableware from the Artistry Collection™ from Libbey® Foodservice, which includes SCHÖNWALD dinnerware, Spiegelau and Nachtmann glassware, and Reed & Barton flatware.
The Artistry Collection inspires true fine dining masterpieces and provides a rich and varied palette of elements to enhance your guests’ appreciation of your culinary artistry.
“The tabletop plays an important role in creating a memorable dining experience. Chefs’ and restaurateurs’ close attention to every detail and nuance of fine dining, from cocktails to dessert, culminates at the table,” Dountas added.
For more information on the Artistry Collection from Libbey® Foodservice or any of the other wide range of hospitality tabletop items from Libbey, go here: Libbey: New ARTISTRY COLLECTION Delivers Culinary Masterpieces
For more information on Libbey's new MASTER RESERVE collection or any of the wide range of hospitality tabletop products, go here: Libbey: New MASTER'S RESERVE Glassware Combines Elegance and Strength
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