Owens Corning plan accepted by a majority of voting creditors

By Caroline Salls

Pittsburgh, Sept. 15 - Owens Corning's plan of reorganization was accepted by a majority of voting creditors, according to an 8-K filing with the Securities and Exchange Commission.

The figures exclude asbestos claims.

Among votes tabulated by Omni Management Group, LLC, a total of 1,494, or 99.4%, of class 3 convenience class claimants voted to accept the plan, while nine, or 0.60% voted to reject it.

In amount, holders of $2.67 million, or 99.49% of these claims accepted the plan, while holders of $16,699, or 0.51% of the claims, rejected it.

A total of 65, or 95.59%, of class 6a general unsecured claimants voted to accept the plan, while three, or 4.41% voted to reject it.

In amount, holders of $85.99 million, or 98.65% of these claims accepted the plan, while holders of $1.18 million, or 1.35% of the claims, rejected it.

A total of 525, or 94.94%, of class 6b general unsecured/senior debt claimants voted to accept the plan, while 28, or 5.06% voted to reject it.

In amount, holders of $140.2 million, or 95.6% of these claims accepted the plan, while holders of $6.46 million, or 4.40% of the claims, rejected it.

All 30 holders of $2.469 billion of class 10 intercompany claims voted to accept the plan.

Among votes tabulated by Financial Balloting Group, LLC, a total of 322, or 94.71%, of claimants in class A5 voted to accept the plan, while 18, or 5.29% voted to reject it.

In amount, holders of $1.102 billion, or 94.38% of these claims accepted the plan, while holders of $65.69 million, or 5.62% of the claims, rejected it. Class A5 is bondholder claims.

A total of 55, or 96.49%, of class A11 claimants voted to accept the plan, while two, or 3.51% voted to reject it.

In amount, holders of $159.89 million, or 99.96% of these claims accepted the plan, while holders of $60,000, or 0.04% of the claims, rejected it. Class A11 is subordinated claims.

Holders of a total of $21,987 97.17% of class A12A claimants accepted the plan, while holders of $614,192, or 2.83% of the claims, rejected it. Class A12A is existing common stock.

Owens Corning, a Toledo, Ohio, building materials company, filed for bankruptcy on Oct. 5, 2000 in the U.S. Bankruptcy Court for the District of Delaware. Its Chapter 11 case number is 00-3837.

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