Keraglass, the Italian machinery manufacturer, “entered into a proceeding [arrangement with its creditors].”

The company told vendors that it is re-organizing, and will not be paying their bills directly as the courts are now involved. A Keraglass Industries S.r.l. spokesperson, Orietta Gualtieri, within the sales department, told™/USGlass magazine that a new company, called Euros Meccanica, has been formed by the previous owners of Keraglass plus at least one new investor, the name of which was unavailable at press time.

According to an Italian news source, Telereggio, the company “was affected by the crisis phase and credit difficulties.” According to a loose translation of the article, company president Stephen Spezzani asked for four months for submission of the proposal proceedings.

When contacted by™/USGlass magazine, Gualtieri said it was too soon to comment. Greensboro, N.C.-based Matodi USA is the agent for Keraglass. Jack Van Meerbeeck, president of Matodi USA, said he had no additional information at this time.

Stay tuned to™/USGlass magazine for updates as they are made available.