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Article: DOW CORNING EXITS CHAPTER 11
- Article from:
- The Boston Globe (Boston, MA)
- Article date:
- June 2, 2004
- Author:
CopyrightCopyright 2004 The Boston Globe. Provided by ProQuest LLC. (Hide copyright information)
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Dow Corning Corp., a joint venture between Corning Inc. and Dow
Chemical Co., emerged from bankruptcy protection yesterday after nine
years.
The Midland, Mich.-based company sought court protection from
creditors in May 1995, reacting to thousands of personal-injury suits
involving silicone-gel breast implants. Its reorganization effort
under Chapter 11 of the federal bankruptcy law took longer than any
such case 3,305 days.
Dow Corning's bondholders, lenders, and other creditors will
receive full payment on the more than $1.2 billion they're owed plus
interest compounded over the nine-year reorganization.
"Every purchaser of a bond or trade claim in Dow Corning's
bankruptcy just watched ...