Owens Corning May Exit Bankruptcy Next Month
Owens Corning recently gained bankruptcy court approval for its reorganization plan. Judge Judith Fitzgerald accepted their plan, paving the way for Owens Corning to emerge from bankruptcy by the end of next month. Monstersandcritics.com reports:
The agreement assumes a total distributable value of $8.627 billion, consisting of the total enterprise value of $5.858 billion, assumed excess cash of $1.432 billion and Fibreboard trust and asbestos trust assets of $1.491 billion, less existing debt of $55 million and $99 million in assumed value of new shares reserved for employee incentive programs.
Read more:Owens Corning nearly out of bankruptcy