Owens Corning Files for Bankruptcy

TOLEDO, OH - Due to the growing demands on its cash flow resulting from its multibillion dollar asbestos liability, Owens Corning has announced that the company has voluntarily filed for Chapter 11 bankruptcy protection.

To date, the company has received more than 460,000 asbestos personal injury claims and has paid or agreed to pay more than $5 billion for asbestos-related awards and settlements, legal expenses, and claims processing fees.

Owens Corning is the No. 1 manufacturer of fiber glass insulation for the residential market in the United States. Its asbestos liability arises from a high-temperature pipe insulation product named Kaylo, which it manufactured and distributed from 1952 to 1972. The company is a co-defendant with other former manufacturers, distributors, and installers of products containing asbestos in personal injury litigation.

The company noted that more than 20 companies involved in asbestos-related claims have sought reorganization under Chapter 11 of the U.S. Bankruptcy Code.

Glen H. Hiner, chairman and chief executive officer, stated, “With the Chapter 11 process we can finally put this difficult issue behind us in a fair and responsible manner and move forward with our resources and energies focused on competing successfully in the global marketplace.”

Publication date: 10/16/2000

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