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USG Seeks $2.8B To Exit Bankruptcy

Law360 (May 19, 2006, 12:00 AM EDT) -- USG Corp. has submitted a plan to finance its emergence from bankruptcy to the U.S. bankruptcy judge overseeing its Chapter 11 proceedings, hoping to move one step closer to a successful reorganization.

If its motion, which was filed on Tuesday, is approved, USG—a Chicago-based building materials manufacturer—will enlist J.P. Morgan Chase Bank and Goldman Sachs Credit Partners L.P. to deal with its post-bankruptcy financial needs.

According to the filing, USG has $1.5 billion on hand and expects to garner another $1.8 billion from a rights offering,...
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