Owens Corning Emerging from Bankruptcy After Asbestos Disease ...

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Owens Corning Emerging from Bankruptcy After Asbestos Disease ...
2006-07-17
PITTSBURGH (AP) - A federal judge Monday approved Owens Corning's plan for emerging from bankruptcy this fall, five years after seeking protection from creditors over health claims related to its asbestos products.Judge Judith K. Fitzgerald approved the Toledo, Ohio-based company's disclosure statement from the bench and said she will likely issue a written order Tuesday. As part of its plan, the company will pay more than $5 billion to asbestos claimants and as much as $2.27 billion to holders of bank debt. At a hearing Monday, company lawyer Norman L. Pernick told Fitzgerald that most of the objections to the disclosure statement had been resolved. The judge rejected those that remained. After the judge's formal approval of the disclosure statement, Owens Corning's proposal will be sent within 17 days to creditors for a vote before a scheduled Sept.
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