Owens Corning Files Bankruptcy Plan of Reorganization

WILMINGTON, Del. - More than two years after filing for Chapter 11 bankruptcy protection under the weight of mounting asbestos liabilities, Owens Corning has filed its joint plan of reorganization in U.S. Bankruptcy Court. In re: Owens Corning, et al., No. 00-03837 (Del. Bankr.).

The company, along with 17 of its U.S. subsidiaries and a representative for the future asbestos personal injury claimants, filed the plan Jan. 17 in Wilmington, Del.

Under the plan, a majority of new common stock, notes, cash and existing Fibreboard insurance will be used to fund a trust created under Section 524(g) of the U.S. …