Owens Bankruptcy Exit Plan Gets Judge OK
A federal bankruptcy judge recently indicated that she approved of Owens Corning’s plan for emerging from bankruptcy. Over five years ago, the building materials maker sought protection from creditors over health claims related to its asbestos products. The judge also overruled objections from alleged asbestos victims and a lawyer for one bondholder. Msn.com reports:
The plan shifts Owens Corning’s $7 billion in asbestos liabilities off company books and into a trust that will be established for the plaintiffs. As part of the plan, the Toledo, Ohio-based building-products company will pay more than $5 billion to asbestos claimants and as much as $2.27 billion to holders of bank debt.
Read more:Judge OKs Owens Bankruptcy Exit Plan