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ABC News: USG Corp.
files Chapter 11 reorganization plan
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February 17, 2006 | Local News and Weather
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, which was driven into bankruptcy in 2001 under
the weight of asbestos lawsuits, said on Friday it has filed
its reorganization plan and plans to emerge from Chapter 11
bankruptcy protection later this year.
The company also said a bankruptcy court hearing to approve
its disclosure statement is scheduled for April 3.
Chicago-based USG said the official committee for its
asbestos claimants and its counsel support the plan.
USG reached a nearly $4 billion settlement to resolve all
current and future claims for asbestos-related injuries against
it in January.
Asbestos claims have pushed more than 70 U.S.
companies
into bankruptcy.
Fibers from the material have been linked to
cancer and other lung-scarring diseases.
USG shares closed down 58 cents at $85.63 on the New York
Stock Exchange on Friday.
(Additional reporting ...
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