In a dramatic turnaround, a bankruptcy judge indicated on 14 Oct/05 he would approve the sale of Glass Group Inc.'s Flat River Glass plant to Gujarat Glass Ltd. of India for approximately $18M. As well as the Missouri facility, Gujarat will obtain operations in Mays Landing & Williamstown, NJ, from Glass Group, a NJ container glass manufacturer, which is in Chapter 11 bankruptcy. The bankruptcy court had previously approved the sale of the same plants to Stölzle-Oberglas AG of Austria for about $14.1M. However, on 14 Oct/05, US Bankruptcy Judge P Walsh said he was likely to vacate the sale to Stölzle & approve the sale to Gujarat Glass instead, after reviewing final papers on the move. The judge said he made a "mistake" on 7 Oct/05 when he approved the sale to Stölzle after Gujarat Glass unexpectedly made an offer that was $4M higher.
