USG Gets Court Approval For Reorganization Plan

Law360, New York (June 15, 2006, 12:00 AM EDT) -- The story of building material maker USG Corp.’s epic journey through Chapter 11 should have a happy ending, after the company won court approval for its reorganization plan Thursday.

USG, which was driven into bankruptcy by asbestos-related personal injury claims almost five years ago, will pay its creditors and put more than $3 billion into a trust for asbestos claimants.

In a rare twist for corporate bankruptcy cases, the company’s stock will retain 100% of its value, and existing stockholders will be given the chance to...
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