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Article: Fitch Comment: Amended Reorganization Plan Filed for PPG's Pittsburgh Corning Corp. Unit.
- Article from:
- Investment Weekly News
- Article date:
- February 21, 2009
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PPG announced that an amended plan of reorganization has been filed in the United States Bankruptcy Court for Pittsburgh Corning Corporation (PC). PPG, Industries, Inc. (PPG) has owned 50% of PC since 1937.
In December 2006, a U.S. Bankruptcy Court for the Western District of Pennsylvania issued a decision denying confirmation of the previous amended plan of reorganization for PC on the basis that the plan was too broad in addressing independent asbestos claims that were not associated with PC. PPG believes that the amended plan addresses the issues raised by the court in the December 2006 ruling.
Under the modified settlement agreement, the present value ...