June 7, 2013: Bankruptcy Court Confirms Pittsburgh Corning Chapter 11 Plan
Insulation Manufacturer Moves Closer to Emerging from Chapter 11 Bankruptcy
PITTSBURGH — Pittsburgh Corning Corp., a manufacturer of insulation products, announced that its Modified Third Amended Plan of Reorganization was confirmed by the U.S. Bankruptcy Court for the Western District of Pennsylvania. The confirmation moves the company one step closer to emerging from Chapter 11 bankruptcy. Pittsburgh Corning has operated under Chapter 11 protection since April 16, 2000.
Between 1964 and 1972, Pittsburgh Corning manufactured, marketed, and sold Unibestos, an asbestos pipe insulation product it acquired from Union Asbestos and Rubber Co. The company manufactured Unibestos at its plants in Tyler, Texas, and Port Allegany, Pa. While the Pittsburgh Corning revenues for this product averaged less than $3 million annually, the company was named as a defendant in asbestos-related lawsuits, defending and resolving more than 200,000 claims. Pittsburgh Corning sought Chapter 11 protection in 2000, when it became apparent that defending and settling an additional 235,000 claims would exhaust company resources before they could be resolved.