NEW YORK, Feb. 18, 2022 /PRNewswire/ — The following statement is being issued by Prime Clerk, LLC regarding the bankruptcy of Paddock Enterprises, LLC.
If you have a General Asbestos Claim or Indirect Asbestos Claim against Paddock Enterprises, LLC (“Paddock”), formerly Owens-Illinois, Inc., which made Kaylo products, your rights may be affected by an upcoming vote on the Plan (available at PaddockVote.com) as part of the Paddock bankruptcy proceedings. Your vote will help determine whether the Plan will be confirmed.
The Bankruptcy Court approved a disclosure statement (available at PaddockVote.com) containing information that will help you decide how to vote on the Plan. The Plan proposes to set up a trust to resolve all Asbestos Claims.
Your legal rights may be affected if the Plan is approved. Only holders of General Asbestos Claims or Indirect Asbestos Claims, or their attorneys on their behalf, are entitled to receive a ballot to vote on the Plan. Holders of Claims and Equity Interests in all other Classes under the Plan are presumed to accept the Plan and are not entitled to vote.
The voting deadline, by which ballots must be actually received by Paddock’s balloting agent, Prime Clerk LLC, is April 8, 2022 at 4:00 p.m. ET. If you are unsure whether your attorney is authorized to vote on the Plan and intends to vote on your behalf, please contact your attorney.
If the Plan is approved by the Bankruptcy Court, all Asbestos Claims (whether or not you voted in favor of or against the Plan) will be channeled to the Asbestos Trust and resolved pursuant to the Trust Distribution Procedures.
Please read the Plan and other Plan Documents carefully for details about how the Plan, if approved, may affect your rights.
The Plan contains release provisions that may impact your rights, which include, among others, a “Release by Holders of Claims” in Section 10.6 of the Plan. You should read this provision, as well as all other release, injunction, and exculpation provisions in the Plan, in their entirety.
If you have an Asbestos Claim, you will be deemed to have agreed to all “Releases by Holders of Claims” set forth in Section 10.6 of the Plan if you fall into any of the following categories:
(a) you vote to accept the Plan;
(b) you vote against the Plan, but you do not opt out of the releases by affirmatively checking the appropriate box on your ballot; or
(c) you do not vote for or against the Plan and do not opt out of the releases provided for in the Plan.
You have the right to object to the Plan. The deadline to file an objection to the Plan is May 5, 2022 at 4:00 p.m. ET. There are specific requirements that must be followed to file an objection. The requirements are found in the Solicitation Procedures Order and other notices relating to Paddock’s Plan (which can be found at PaddockVote.com). Objections received after the deadline may not be considered by the Bankruptcy Court and may be deemed overruled without further notice.
This is only a summary. You can obtain additional information or instructions, review the Plan Documents, or obtain a solicitation package with a ballot to vote (as applicable), by contacting Prime Clerk LLC. Capitalized terms used but not otherwise defined herein have the meanings ascribed to such terms in the Plan.
For more information:
Paddock Ballot Processing
c/o Prime Clerk LLC
850 Third Avenue, Suite 412
Brooklyn, NY 11232
Request More Information: [email protected]
Request Ballot with Solicitation Package to Vote on the Plan: [email protected]
Call: (877) 425-8665 (Toll-Free) or +1 (917) 947-6267 (International)
SOURCE Prime Clerk LLC