Pittsburgh Corning Ch. 11 Plan Rejected Again

Law360, Wilmington (June 17, 2011, 2:50 PM EDT) -- A Pennsylvania bankruptcy judge denied confirmation of Pittsburgh Corning Corp.’s reorganization plan Thursday, saying the plan allows too many protections from asbestos claims for the debtor's parent companies, the same issue that doomed a prior plan in 2006.

In a 62-page opinion, U.S. Bankruptcy Judge Judith K. Fitzgerald found that the current plan still presented the problem that independent asbestos claims against Corning Inc., Pittsburgh Corning’s parent, and PPG Industries, which owns half of the debtor, could be transferred to a trust set up to handle...
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