Owens Corning Garners $2.2B Equity Agreement

Law360, New York (June 30, 2006, 12:00 AM EDT) -- Long-bankrupt Owens Corning won court approval Thursday for a $2.2 billion equity commitment agreement with J.P. Morgan Securities Inc. that should help the fiberglass maker finally exit Chapter 11 this year.

The ruling came one day before a June 30 deadline, which could have put the financing agreement at risk.

“We are moving closer toward our goal of exiting Chapter 11 in 2006,” said Owens Corning spokesman Jason Saragian. “It’s a very significant milestone.”

In the court order, U.S. Bankruptcy Court Judge Judith Fitzgerald ruled that...
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