Court OKs Owens Corning Bankruptcy Plan

Law360, New York (July 11, 2006, 12:00 AM EDT) -- Nearly six years after filing for Chapter 11 because of a slew of asbestos-related personal injury claims, a federal judge approved Owens Corning’s disclosure statement, and set a date for a hearing to consider confirmation of its plan to emerge from bankruptcy protection on Monday.

“We are moving closer toward our goal of exiting Chapter 11 in 2006,” said Owens Corning spokesperson Jason Saragian. “It’s a very significant milestone.”

The hearing on the reorganization plan, which is now on its sixth amendment, is scheduled for Sept....
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