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Financing extended to Park Hills plant

PARK HILLS – Workers at The Glass Group Inc. Park Hills plant will have to wait a little longer to find out the fate of their company.

“The existing financing under the bankruptcy has been extended,” said Plant Manager Ken Sokol. “It’s my understanding that the financing has been extended to Sept. 9. This extension allows more time for the current ownership of The Glass Group Inc., and the courts to find a suitable buyer.”

Sokol said if a suitable buyer has not been found by Sept. 9, the financing can be extended to Sept. 19, but the interest rate could change.

“We are going to continue focusing on productivity and quality,” Sokol said. “That is what we have to do. Everyone is showing up for work as it is business as usual.”

On Monday the local plant along with the other assets owned by The Glass Group Inc. went on the auction block in Philadelphia, Pa. A U.S. Bankruptcy judge in Wilmington, Del., was expected to accept bids for parts of the company on Tuesday.

In March The Glass Group Inc. filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court in Delaware. At the time officials said the company was filing for bankruptcy protection in order to obtain additional financing.

The St. Louis Post Dispatch reported on Saturday that as of July 31, The Glass Group Inc. owed $67 million while it had assets of $57 million.

Workers at the Park Hills plant were notified on Aug. 5 that a sale of the company could result in massive layoffs or even a shutdown of the plant. The notification that was being given to the employees was part of “The Worker Adjustment and Retraining Notification Act (WARN).”

Sokol said the main gates at the Park Hills plant will continue to be closed due to repairs on the railroad tracks. All employees need to use the gate on Taylor Street at least through Monday.

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