|
contents | news | |||||||||
| Bankruptcy Court approves Owens Corning's reorganization Owens Corning, a world leader in building materials systems and composite solutions, announced that Judge Judith Fitzgerald of the United States Bankruptcy Court for the District of Delaware approved the company's Plan of Reorganization. The Bankruptcy Court's approval of the plan paves the way for Owens Corning to emerge from bankruptcy by the end of October 2006. Before Owens Corning can emerge from bankruptcy, the plan must also be approved by Judge John P. Fullam of the United States District Court for the Eastern District of Pennsylvania. Following district court approval of the plan, Owens Corning must complete certain administrative steps before it can emerge from Chapter 11. 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. On October 5, 2000, Owens Corning and 17 United States subsidiaries filed voluntary petitions for relief under Chapter 11 of the U. S. Bankruptcy Code in the U. S. Bankruptcy Court for the District of Delaware. write your comments about the article :: © 2006 Construction News :: home page |