- 1 November 2006 -
Owens Corning emerges from Chapter 11

OWENS CORNING, Toledo, Ohio, USA, emerged from Chapter 11 yesterday, as forecasted. A plan of reorganisation is to be implemented, which was agreed with key creditor groups in May.

Emergence from Chapter 11 was made financially viable through a combination of new equity and new debt financing. The company will start to payback its creditors and invest in a 524(g) trust that will resolve the company’s current and future asbestos liability.

“We are emerging from Chapter 11 in a strong operational and financial position,” commented Dave Brown, president and CEO. “During the past six years, we have continued to grow our businesses around the world and have strengthened our financial performance. We are pleased to be emerging as an investment-grade company.”

Owens Corning; www.owenscorning.com

<<back