USG Corp. Files Chapter 11 Bankruptcy Petition
July 16, 2001
CHICAGO - Wallboard-maker USG Corp. announced June 25 that it will seek protection under Chapter 11 of the U.S. Bankruptcy Code, becoming the latest in a string of companies to file for reorganization in an attempt to manage asbestos liabilities.
The Chicago-based building materials manufacturer owns United States Gypsum, which has been named in tens of thousands of asbestos-related personal injury lawsuits. Company officials said the financial burden created by payment of pending and future claims against U.S. Gypsum was the chief reason for the Chapter 11 filing. The subsidiary also filed a Chapter 11 petition on June 25, as …
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