We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Owens Corning To Pay Asbestos Victims $5.2B

Law360 (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.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.