Court Approves Owens Corning's Plan-Support Agreement

Law360, New York (June 23, 2006, 12:00 AM EDT) -- Owens Corning moved one step closer to emerging from Chapter 11 Friday, when the company won court approval for its plan-support agreement, which solidifies support for its reorganization plan.

This development comes almost six years after the company was driven into bankruptcy by a slew of asbestos-related personal injury claims.

“It’s a good day for Owens Corning,” said company spokesman Jason Saragian. “The approval is the basis on which we can continue to move our case forward.”

Support for the company’s Chapter 11 plan couldn’t be...
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