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Owens Corning Settles Illinois Claim For $2.25M

Law360 (February 21, 2007, 12:00 AM EST) -- After recently emerging from Chapter 11, insulation maker Owens Corning has settled with the state of Illinois, exchanging a $2.25 million unsecured claim for immunity from asbestos-related damages.

The Delaware bankruptcy court granted an order approving the settlement agreement Wednesday, subject to a hearing February 27.

U.S. Bankruptcy Judge Judith Fitzgerald signed the order, saying the court deemed the settlement in the best interests of Owen Corning, which won approval for its reorganization plan last September after six years in bankruptcy wilderness.

The order gives the...
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