PERRYSBURG, Ohio – Owens-Illinois Glass announced that its subsidiary, Paddock Enterprises, LLC, has reached a tentative agreement for a Chapter 11 Plan of Reorganization that will establish an asbestos bankruptcy trust with $610 million in initial funding.
Owens-Illinois, Inc. has been facing asbestos-related lawsuits since 1977 due to an asbestos-containing insulation product that the company manufactured under the brand name, Kaylo. Owens-Illinois Glass used Kaylo in their glass bottle production throughout the 1940s and 1950s. However, Owens-Illinois, Inc. stopped production of Kaylo products in 1958 and sold the rights to Owens-Corning. Owens-Corning has since established an asbestos bankruptcy trust as well, all due to the same horrific injuries resulting from these asbestos-containing products.
Asbestos-related injuries include diseases such as mesothelioma, asbestosis, lung cancer, and many other lung injuries. Shelby Roden has filed and settled 10,000’s of asbestos injury claims, recovered over $1 billion for our clients in asbestos-related settlements, and our founding partner, David Shelby, has won 18 asbestos jury verdicts in Alabama, more than all other state asbestos verdicts combined.