Pittsburgh Corning's Ch. 11 Asbestos Plan OK'd After 13 Years

Law360, Chicago (May 17, 2013, 3:30 PM EDT) -- After 13 years in bankruptcy, Pittsburgh Corning Corp. on Thursday won court approval of a reorganization plan designed to resolve the company’s multibillion-dollar asbestos liability, overcoming objections that derailed two prior plans.

In a 139-page opinion, U.S. Bankruptcy Judge Judith K. Fitzgerald found that the Pennsylvania-based building products manufacturer had addressed concerns that the plan could improperly hamper its insurers in coverage litigation.

“The plan is ‘insurance neutral’ and preserves any and all coverage issues for resolution in a nonbankruptcy proceeding, using applicable nonbankruptcy law,” she...
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