Paddock and asbestos committee’s plan discussions to be mediated

By Sarah Lizee

Olympia, Wash., Feb. 17 – Paddock Enterprises, LLC and its official committee of asbestos personal injury claimants will have their discussions relating to a plan of reorganization mediated by Kenneth Feinberg and Layn R. Phillips, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

The parties have been negotiating the terms of a consensual plan and decided that the appointment of mediators is the most efficient mechanism to facilitate resolution of their disputes.

The initial mediation period is 45 days.

The mediation is expected to address the plan terms, expert analysis regarding estimates for current and future asbestos related claims against the debtors, and the funding and structure of any settlement.

Paddock is a subsidiary of Perrysburg, Ohio-based bottle and jar manufacturer O-I Glass. Paddock filed bankruptcy on Jan. 6, 2020 under Chapter 11 case number 20-10028.

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