Owens Corning announced November 1 that its Plan of Reorganization became effective, marking the company's emergence from Chapter 11.
"This is an exciting day for Owens Corning," said Dave Brown, president and chief executive officer. "We have met the commitments that we made to our creditors and asbestos claimants at the start of this process. We are grateful for the loyalty of our customers and suppliers, the support of our communities, and the hard work and dedication of Owens Corning's employees; we couldn't have done it without them."
Owens Corning's Plan of Reorganization is the result of an agreement the company reached in May with key creditors groups. Owens Corning's creditors and shareholders, including asbestos, bondholder and trade creditor classes, as well as bank debt holders, overwhelmingly supported this plan. Owens Corning will immediately begin the process of making distributions to its financial creditors and to a 524(g) trust that will forever resolve the company's current and future asbestos liability. The full Plan of Reorganization and related Disclosure Statement are available at www.ocplan.com.
"We are emerging from Chapter 11 in a strong operational and financial position," said Brown. "During the past six years, we have continued to grow our businesses around the world and have strengthened our financial performance. We are pleased to be emerging as an investment-grade company."
Owens Corning's exit financing will come from a combination of new equity and new debt financing.
