Consolidation of Owens Corning and Subsidiaries a 'Necessity,' Bankruptcy Judge Rules

WILMINGTON, Del. -- A Delaware judge has ordered Owens Corning and its subsidiaries to be considered a whole for purposes of the asbestos defendants' Chapter 11 Bankruptcy proceedings, effectively ending an effort by holders of bank debt to have Owens Corning and its subsidiaries treated as individuals. In re: Owens Corning, et al., No. 00-03837 (D. Del. Bankr.).

In the Oct. 5 decision, Judge John P. Fullum of the U.S. Bankruptcy Court for the District of Delaware found that consolidation would be in the best interest of both Owens Corning and its subsidiaries and the 43 banks.

'I have concluded …