Milestone Reached In Owens Corning Bankruptcy

Law360, New York (September 12, 2006, 12:00 AM EDT) -- Owens Corning’s proposed plan of reorganization, the subject of a spate of objections in the past two weeks, received a boost Monday when the company’s financial creditors voted to approve the plan.

The vote is an integral step towards resolving the company’s bankruptcy, which has been dragging on since October 5, 2000. Owens Corning’s voter solicitation period ended on September 1, and a confirmation hearing on the company’s restructuring plan is slated for September 18.

The voting results are “a significant milestone,” according to Owens Corning...
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