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Corning Offers Plan for Claims - Los Angeles Times
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January 2, 2006
latimes.com : Business
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Corning Offers Plan for Claims
From Bloomberg News
Owens Corning filed a new bankruptcy reorganization plan aimed at wiping out the company's estimated $10.2 billion in asbestos liabilities.
The plan, filed Saturday in U.S.
Bankruptcy Court in Wilmington, Del., offers those claiming injuries from Owens Corning's asbestos-laden products cash and stock in the reorganized company in exchange for their claims.
Owens Corning sought Chapter 11 bankruptcy protection in October 2000 after being swamped by asbestos lawsuits.
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Toledo, Ohio-based Owens Corning is one of more than 70 U.S.
public companies that have sought bankruptcy protection since the early 1980s to deal with asbestos lawsuits.
Asbestos, a heat-resistant material used in insulation, auto parts and construction products, caus...
Read more...