Owens Corning To Pay Asbestos Victims $5.2B

Law360, New York (May 10, 2006, 12:00 AM EDT) -- Owens Corning has reached agreements with six creditor groups that should allow the company to emerge from Chapter 11 bankruptcy by the end of 2006.

All told, the company will pay out $8.6 billion on $13.6 billion in claims. A substantial chunk of that payment—about 5.2 billion—will go to people who suffered adverse health effects from exposure to asbestos in Owens Corning’s products.

The agreement with the asbestos claimants was complicated and had been months in the making. But the arrangement announced Wednesday coalesced only recently,...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.