The Toledo, Ohio, USA-based glass fibre producer filed under Chapter 11 in October 2000 to address growing demands on its cash flow resulting from the substantial costs of asbestos personal injury liability.

This move follows approval of Owens Corning's Plan of Reorganisation, the result of an agreement the company reached in May with key creditors groups. Owens Corning says it will now begin the process of making distributions to its financial creditors and to a trust that will resolve its current and future asbestos liability.

Owens Corning's exit financing will come from a combination of new equity and new debt financing.

“We are emerging from Chapter 11 in a strong operational and financial position,” comments Dave Brown, president and CEO. “During the past six years, we have continued to grow our businesses around the world and have strengthened our financial performance. We are pleased to be emerging as an investment-grade company.”

The company recently released its third quarter financial results. These included consolidated net sales of US$1.661 billion, a 2.7% increase on the 2005 quarter.

“Third-quarter results were in line with our expectations,” says Brown. “Although we experienced significant increases in energy, transportation and raw material costs, we are pleased that we delivered record financial results through the first nine months of 2006.”