Owens Corning may emerge from bankruptcy this year

Toledo, Ohio - Owens Corning has reached an agreement in principle with its creditors that may permit it to emerge from Chapter 11 bankruptcy proceedings in 2006. The company went into Chapter 11 in October 2000 as a result of its multi-billion dollar asbestos liability.

Parties to the agreement include the Official Committee of Asbestos Claimants, the Official Committee of Unsecured Creditors, the Legal Representative for Future Claimants, the Official Representatives of Bondholders and Trade Creditors, the Ad Hoc Bondholders Committee, and the Ad Hoc Equity Holders Committee.

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Press release from Owens Corning

Website of restructuring plan with timeline, FAQ and method for submitting claims.