Bankruptcy Plan Approved For Owens Corning -- MesoLink.org

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Bankruptcy Plan Approved For Owens Corning

October 4th, 2006

Building material manufacturer Owens Corning sought bankruptcy protection following problems relating to its asbestos related products, and it looks as though a federal judge is now looking to approve the company�s re-emergence from bankruptcy. The judge overruled a variety of objections from victims and lawyers.

Judge Judith Fitzgerald further stated that the company would most likely never emerge from bankruptcy if each asbestos claim was handled on an individual basis, and this would mean that many claimants would never see any sign of their compensation. Under this plan, a trust fund will be set up in order to pay claimants compensation.

The plan for setting up the trust fund is likely to be enforced around the end of October. It will involve the company paying out over $5 billion in compensation to claimants. Owens Corning attorney Stephen Krull stated: "It's been a long road. We're very proud of this plan."

An attorney for plaintiffs involved in the case stated: "It's been a long hard slog, and we're all gratified it's over." The company sought Chapter 11 bankruptcy a number of years ago after being hit with billions of dollars worth of claims for damages relating to its asbestos related products.

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