Libbey Inc., Toledo, Ohio, wants to freeze benefit accruals in its hourly defined benefit plan as part of modified collective bargaining agreements with union employees.
The glassware company's proposal to the union is part of an amended plan of reorganization, the company said in a news release Monday.
Libbey Inc., which filed for bankruptcy in June, said if the U.S. Bankruptcy Court in Wilmington, Del., approves the reorganization plan, the motion will modify the CBAs for employees represented by the United Steelworkers and the International Association of Machinists and Aerospace Workers.
Libbey is "seeking to modify wages, certain benefits (including freezing future benefit accruals under its hourly defined benefit pension plan) and certain work rules for its U.S. union employees," according to the news release.
As of Dec. 31, 2018, the Libbey Inc. Hourly Retirement Plan had $227 million in assets, according to the company's most recent Form 5500 filing.
Overall U.S. pension plan assets as of Dec. 31 totaled $346 million, according to the company's most recent 10-K filing.
A spokesman for Libbey Inc. could not be immediately reached for further information.