Owens-Illinois will appeal motion to dismiss suit

Glass-container maker Owens-Illinois Inc. said it will appeal the denial of its motion to dismiss a lawsuit filed by Murray Capital Management Inc., claiming the suit is without merit.

The company said Murray Capital, an investor specializing in distressed debt securities, sued it in March 2001 in connection with a purchase about $4.5 million of Owens-Illinois' senior notes.According to Owens-Illinois, the lawsuit's main issues are whether and how the company's subsidiaries can grant security interests to its lenders.Owens-Illinois said if its appeal were not successful, it would "vigorously defend this lawsuit and believes it should prevail at trial." Glass-container maker Owens-Illinois Inc. said it will appeal the denial of its motion to dismiss a lawsuit filed by Murray Capital Management Inc., claiming the suit is without merit.

The company said Murray Capital, an investor specializing in distressed debt securities, sued it in March 2001 in connection with a purchase about $4.5 million of Owens-Illinois' senior notes.

According to Owens-Illinois, the lawsuit's main issues are whether and how the company's subsidiaries can grant security interests to its lenders.

Owens-Illinois said if its appeal were not successful, it would "vigorously defend this lawsuit and believes it should prevail at trial."

600450 Owens-Illinois will appeal motion to dismiss suit glassonweb.com
Date: 21 January 2002
Source: Yahoo

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