O-I Glass Rises After Its Subsidiary Filed For Bankruptcy Protection

(RTTNews) - Shares of glass containers maker O-I Glass, Inc. (OI) are rising more than 5% Thursday morning after its unit Paddock Enterprises, LLC filed for bankruptcy protection.

The company said it had filed plan of reorganization and related disclosure statement with the U.S. Bankruptcy Court for the district of Delaware on January 6.

A hearing to consider approval of the disclosure statement is scheduled with the court for February 16, 2022.

Paddock expects a confirmation hearing on the Plan to be scheduled for the second quarter of 2022.

OI, currently at $13.92, has been trading in the range of $10.64- $19.46 in the last 52 weeks.