Legal Chief Oversees Owens Corning - NewsOn6.com - Tulsa, OK - News, Weather, Video and Sports - KOTV.com |

Legal Chief Oversees Owens Corning

Updated:
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.

Powered by Frankly
News On 6
303 N. Boston Ave.
Tulsa, OK 74103
Newson6.com is proud to provide Oklahomans with timely and relevant news and information, sharing the stories, pictures and loves of Oklahomans across our great state.
All content © Copyright 2000 - 2017 KOTV. Oklahoma Traveler™ is a registered trademark of Griffin Communications. All Rights Reserved.
For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.