USG Wins Approval Of Exit Financing Package

Law360, New York (June 9, 2006, 12:00 AM EDT) -- Drywall maker USG Corp., bankrupted by asbestos-related personal injury claims, has won court approval for a $2.75 billion exit financing package—just in time for confirmation hearings over its proposed reorganization plan.

The financing deal was penned by USG’s attorneys with Jones Day, who said they “painlessly” addressed only five oppositions to the plan with minor changes filed Thursday.

USG filed for Chapter 11 protection in June 2001 in the U.S. Bankruptcy Court for the District of Delaware to deal with increasing costs for asbestos litigation connected...
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