After more than 10 years in bankruptcy, Owens Corning made one of the last steps out of Chapter 11 when it sought confirmation of its reorganization plan on 18 September. The Toledo, Ohio-based buildi…
After more than 10 years in bankruptcy, Owens Corning made one of the last steps out of Chapter 11 when it sought confirmation of its reorganization plan on 18 September. The Toledo, Ohio-based building material maker filed for bankruptcy protection in October 2000 to resolve billions in liabilities related to its asbestos products. Committees representing current and future asbestos claimants in its bankruptcy case are parties to the plan. Bondholders, the last big group of creditors who could have derailed the proposal, voted overwhelmingly to approve the pact after winning the right to participate in a multibillion-dollar rights offering. Their support virtually ensures the plan“s confirmation. Owens Corning has said it hopes to emerge from bankruptcy by the end of October.