USG: Suit May Lead to Bankruptcy
"We continue to believe that appropriate legislation would provide the best solution to the asbestos problem," said William C. Foote, chairman, president and chief executive officer. "We are making progress on the legislative front, but the process is not moving as quickly as we hoped. At the same time, settlement demands have increased dramatically, to the point that they are completely out of proportion to our legitimate liability." He said that while the company remains committed to pursuing a legislative solution, "We are examining every alternative that will stop the value drain that is occurring as we are forced to pay more than our fair share of the liability."
The company's website is located at http://www.usg.com.