USG Reports Second Quarter Results
As previously reported, USG and its principal domestic subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in Delaware on June 25, 2001. This action was taken to manage the growing asbestos litigation costs of U.S. Gypsum and to resolve asbestos claims in a fair and equitable manner. "It is early in the reorganization process and so far it is proceeding smoothly," said William C. Foote, chairman, president and CEO. "Most importantly, it has not affected our ability to serve our customers."
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