Owens Corning nearly out of bankruptcy
September 27, 2006
Owens Corning nearly out of bankruptcy. Check it out:(UPI Business News Via Thomson Dialog NewsEdge) Ohio's Owens Corning said Tuesday it gained bankruptcy court approval for its reorganization plan.
Judge Judith Fitzgerald of the United States Bankruptcy Court for the District of Delaware OK'd the plan, paving the way for Owens Corning to emerge from bankruptcy by the end of next month.
Owens Corning's creditors and shareholders overwhelmingly supported the plan, including the asbestos, bondholder and trade creditor classes, as well as bank debt holders.
The plan must also be approved by Judge John P. Fullam of the United States District Court for the Eastern District of Pennsylvania.
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.
Owens Corning's exit financing will come from a combination of new equity, new debt financing and existing debt at non-debtor Owens Corning entities. The company will begin distributions to creditors upon the effective date of its emergence from Chapter 11.
Copyright 2006 United Press International
Related Tags: owens corning, Corning, owens, Owens, corning, bankruptcy
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