December 16, 1998 |
Owens Corning, maker of insulation and other building materials, said it will pay $1.2 billion to settle asbestos-related lawsuits in a bid to end one of the biggest product liability cases in U.S. history. The company, which stopped selling asbestos products in 1972, said it expects to make most of the payments during the next two years to resolve about 90% of 176,000 cases pending against it. The plan will also help resolve new claims without litigation, it said.
September 19, 2006 |
A federal bankruptcy judge indicated Monday that she approved of Owens Corning's plan for emerging from bankruptcy, almost six years after the building materials maker sought protection from creditors over health claims related to its asbestos products. Judge Judith Fitzgerald congratulated the parties from the bench Monday after overruling sometimes-impassioned objections from alleged asbestos victims and a bondholder's lawyer.
January 2, 2006 |
Owens Corning filed a new bankruptcy reorganization plan aimed at wiping out the company's estimated $10.2 billion in asbestos liabilities. The plan, filed Saturday in U.S. Bankruptcy Court in Wilmington, Del., offers those claiming injuries from Owens Corning's asbestos-laden products cash and stock in the reorganized company in exchange for their claims. Owens Corning sought Chapter 11 bankruptcy protection in October 2000 after being swamped by asbestos lawsuits.
January 10, 1998 |
Owens Corning, citing pricing pressures in building insulation materials and a shortfall in fourth-quarter earnings, said Friday it would cut 2,200 jobs and take $250 million in charges to restructure. "Despite our attempts to increase prices in certain insulation markets through the elimination of rebates and other actions, we have been unable to stop our selling price from eroding," Chairman Glen Hiner said in a statement.
CALIFORNIA | LOCAL
September 30, 1989 |
San Diego County sued 13 building manufacturers Friday whose asbestos-containing products were used anywhere from 15 to 30 years ago in the county courthouse and its adjoining jail, officials said. The lawsuit, authorized by the County Board of Supervisors and filed in the U.S. District Court in downtown San Diego, seeks to recover the expense of removing asbestos discovered in the county buildings in October, 1988.