The "Pink Panther" is back on the prowl

Author: William Gallahue

WASHINGTON – Owens Corning finally emerge from bankruptcy after almost 5 years of operating under creditor protection.

The United States Bankruptcy Judge Judith Fitzgerald congratulated the two parties can reach an agreement due to tension and sometimes the chaos created by the victims Asbestos lawyers and representatives of the obligations.

The company claimed that the security costs of asbestos litigation have destroyed the company's assets financial.

Under the plan to go into effect on October 30, Owens Corning is 7 million dollars removal of asbestos claims in its balance and fell a special trust. The creation and completion will take time as some asbestos claimants (especially those with asbestosis and mesothelioma) are complaining, will be killed when they are eligible to receive compensation.

The judge replied that if the applicants individually, the bottlenecks bottlenecks resulting the destruction of society and many victims receive no compensation for the time required for each case, compounded by the lack of assets.

Ohio, construction products on the basis of a manufacturer to pay $ 5 million for asbestos claims with another $ 2.27 billion U.S. dollars to creditors. Existing erased and the company will issue millions of new shares.

In 2000, Owens Corning filed for Chapter 11 bankruptcy protection in an effort to protect the billions of dollars in claims related to the production of building materials containing asbestos decades ago.

Asbestos does not pose a risk unless it is damaged or loose particles in the air into the mining and manufacturing. Inhalation of fibers from being trapped in the lungs and over time can cause cancer cells, while others are trying to digest.

-Since the early 1980s, major decisions have been taken to the victims and their families affected by asbestos-related diseases. The race has the moral bankruptcy of a number of large companies and has created a backlog of cases that can not be taken before the victim dies.

Plans on how to improve the management of asbestos litigation have become popular topics for consideration of legal journals, as well as proposals in Congress, including the controversial href = "http://mesoresource.blog.com/1050614/"> FAIR Bill 2005.

Owens Corning is also synonymous with the cartoon The Pink Panther, which served as the mascot for the isolation of his division from 1980.

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William Gallahue

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Pink Panther Theme Song