TOLEDO, Ohio (AP) â€” Owens Corning, which filed for bankruptcy protection last month, said Wednesday it has appointed general counsel Maura Abeln Smith to oversee the company's restructuring.
Smith, who will also serve as a senior vice president, will lead the development of a reorganization plan, said Glen Hiner, chairman and chief executive officer.
Owens Corning filed for protection from creditors under the federal bankruptcy code to help it cope with asbestos-related lawsuits.
The supplier of building and industrial materials has paid or agreed to pay $5 billion in asbestos claims. It faces about $2 billion more in asbestos payouts even though it stopped selling insulation that contained asbestos more than 25 years ago.
``Our goal in this whole process is to resolve, once and for all, our asbestos liability,'' Hiner said. ``We want to emerge quickly from Chapter 11 as a strong and financially viable enterprise.''
On Wednesday, shares of Owens Corning were unchanged at $1.25 on the New York Stock Exchange.