Court Challenges to Pittsburgh Corning Plan of Reorganization Withdrawn
PPG Industries recently announced that all pending appeals of the Pittsburgh Corning Plan of Reorganization have been withdrawn. The Pittsburgh Corning Plan was confirmed by the U.S. Bankruptcy Court for the Western District of Pennsylvania in May 2013.
Under the plan, PPG and its participating insurers will make initial contributions to the asbestos trust established by the plan within 30 business days after the plan becomes effective and all conditions to funding have been met. PPG anticipates that those conditions to funding will be satisfied and funding will take place in the first half of 2016.
PPG and Corning Inc. are each 50% shareholders of Pittsburgh Corning, which filed for Chapter 11 bankruptcy protection in 2000.
For more information, visit www.ppg.com.