Quantcast
Channel: Daily Bankrupt Company Updates | Bankrupt Company News
Viewing all articles
Browse latest Browse all 4593

Pittsburgh Corning Asbestos Bankruptcy Plan Effective

0
0

Pittsburgh Corning’s Modified Third Amended Plan of Reorganization became effective, and the Company emerged from Chapter 11 protection. This privately-held global glass manufacturer filed for Chapter 11 protection on April 16, 2000.

The Plan establishes the Pittsburgh Corning Asbestos Personal Injury Settlement Trust (Trust). A corporate release notes, “Scheduled to receive assets valued in excess of $3.5 billion, the Trust will be among the largest asbestos trusts in the country. It assumes all asbestos-related liabilities related to Pittsburgh Corning and resolves all asbestos personal injury claims, including those filed in the future. The Trust is to be funded by contributions of Pittsburgh Corning, its shareholders (PPG Industries Inc. and Corning Incorporated) and participating insurance carriers.”

Effective upon bankruptcy emergence, Pittsburgh Corning will be owned by the Trust. Pittsburgh Corning Europe was not subject to the Chapter 11 proceedings, but its shares will be contributed to the Trust by early June 2016 as part of the Company’s Plan of Reorganization. The U.S. Bankruptcy Court issued an order confirming the Plan in May 2013, and the U.S. District Court affirmed that ruling in 2014. Both Bankruptcy Court confirmation and District Court affirmation were necessary as a result of the asbestos-related nature of this Chapter 11 proceeding. All appeals to Plan confirmation were resolved in January 2016, allowing for Pittsburgh Corning’s emergence.

James R. Kane, chairman and C.E.O. of Pittsburgh Corning, remarks, “After 16 years of operating under Chapter 11, the Asbestos Personal Injury Settlement Trust can begin helping people and families. The Company has performed well and is eager to move past Chapter 11 and toward a promising future.” Read more asbestos bankruptcy news.

 

 

The post Pittsburgh Corning Asbestos Bankruptcy Plan Effective appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


Viewing all articles
Browse latest Browse all 4593

Latest Images

Trending Articles





Latest Images