Legal Chief Oversees Owens Corning - - Tulsa, OK - News, Weather, Video and Sports - |

Legal Chief Oversees Owens Corning

TOLEDO, Ohio (AP) — 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.

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