Creditors Move to Adjourn Owens Corning Hearing in Light of Asbestos Bill

WILMINGTON, Del. - Commercial creditors in the Owens Corning Chapter 11 proceedings have moved the bankruptcy court to postpone a late-August hearing on a proposed reorganization plan, claiming it would be beneficial to first determine whether Congress will act on a proposed bill to move all asbestos claims into a nationwide trust. In Re: Owens Corning, et al., No. 00-03837 (Del. Bankr.).

The creditors, who include financial institutions and bondholders, argue in their brief filed July 30 in U.S. Bankruptcy Court for the District of Delaware that passage of the proposed asbestos bill could result in recoveries substantially more desirable …