Court Approves Owens Corning Payments

Law360 (September 14, 2006, 12:00 AM EDT) -- A bankruptcy court has clarified its order granting Owens Corning’s motion to enter into senior credit commitments and pay all associated fees, reaffirming the company’s right to do so.

The U.S. Bankruptcy Court for the District of Delaware ruled that Owens Corning could pay all fees payable to escrow agents, underwriters, placement agents and bookrunners.

The court also granted the company permission to “fund into escrow an amount equal to all interest that will accrue on the senior notes,” and stipulated the terms for creating and...
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