Owens Corning emerged from Chapter 11 bankruptcy protection, six years after it sought help because of rising costs from asbestos lawsuits. The building materials giant now has a plan to pay off asbestos-related lawsuits and resolve future asbestos liabilities. A federal bankruptcy judge in September approved Owens Corning's plan for emerging from bankruptcy.The plan shifts the company's $7 billion in asbestos liabilities off company books and into a trust that will be established for the plaintiffs. As part of the plan, Owens Corning will pay more than $5 billion to asbestos claimants and as much as $2.27 billion to holders of bank debt.
Owens Corning made asbestos products decades ago. Inhaled asbestos particles can cause lung scarring, breathing problems, cancer, or heart failure. (Source)
