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May 11, 2006

Owens Corning to Pay $5.2 Billion in Asbestos Settlement Agreement

A Bloomberg.com article reports that Owens Corning has said it will pay $5.2 billion to asbestos victims and $2.5 billion to creditors in a settlement that would permit an exit from bankruptcy this year.  If approved by a U.S. bankruptcy judge, the settlement would create a company worth about $5.9 billion when it emerges from bankruptcy.  The settlement agreement requires the company to pay $4.29 billion in cash into an asbestos victims' trust fund in addition to 28.6 million shares in the company when it emerges from bankruptcy, according to John D. Cooney, of the Chicago law firm of Cooney ^& Conway, who represented asbestos victims.

MKS

May 11, 2006 | Permalink

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