Owens Corning Asks To Pay J.P. Morgan $15M

Law360, New York (October 20, 2006, 12:00 AM EDT) -- Owens Corning has filed an emergency motion asking the federal bankruptcy court overseeing its Chapter 11 proceedings for permission to pay J.P. Morgan Securities Inc. $15 million.

A key condition in Owens Corning’s emergence from bankruptcy is the purchase of 70 million shares of Owens Corning stock by J.P. Morgan for about $2.1 billion. While the court confirmed Owens Corning’s reorganization plan last month, Owens Corning’s agreement with J.P. Morgan calls for that order to “become a final order.”

But a motion filed on Oct. 6...
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