Owens Corning recently provided an update on its financial reorganization activities -- six months after the company and 17 of its domestic subsidiaries filed for protection under Chapter 11 of the U.S. Bankruptcy Code -- and reaffirmed its commitment to a number of long-planned initiatives designed to support the company's growth. The company said it is proceeding smoothly with the Chapter 11 reorganization process, led by Maura Abeln Smith, senior vice president, chief restructuring officer, general counsel and secretary, and a reorganization team pulled from a variety of departments throughout the company. The sole focus of this team is to manage the Chapter 11 process, enabling Owens Corning to meet all requirements of financial restructuring as efficiently and thoroughly as possible.
"Our chief responsibility is to manage the Chapter 11 process and develop a plan of reorganization to restructure the company while resolving, once and for all, our asbestos liability," said Smith. "Financial reorganization entails a comprehensive review of every aspect of our business. We are on track to complete this task, and develop and obtain approval for a comprehensive Plan of Reorganization."
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