Television glass-maker Techneglas owes creditors $50 million

Television glass manufacturer Techneglas said in its Chapter 11 bankruptcy filings that it owes its 20 largest creditors $50.2 million.

Nearly all the money is owed to the Bank of Tokyo-Mitsubishi and Sumitomo Mitsui Banking Corp. in Japan.Techneglas filed for bankruptcy Wednesday after recent closures of its Columbus and Pittston, Pa., plants.The Perrysburg plant will remain open with about 50 workers until the end of the year. About 1,100 jobs are being eliminated in all three plants.

Company spokesman Joe Schaeufele said the plants will probably not reopen.

"Chances are we will not come out as a manufacturing company, but there is chance to evolve into some sort of distribution company," he said.

Techneglas, owned by Nippon Electric Glass Co. of Japan, has been laying off employees since 2000. At the company's peak in 1997, it employed approximately 3,400 people.

Company officials have said the business was unable to compete with the influx of new technologies such as plasma, LCD and projection sets.

The status of severance and health and retirement benefits are uncertain for many workers, according to the Columbus union that represents the employees.

On Wednesday, Democratic vice presidential candidate John Edwards met with three men who lost their jobs at the Pittston plant.

600450 Television glass-maker Techneglas owes creditors $50 million
Date: 6 September 2004

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