Owens Corning seeks extension of exclusivity to solicit votes for reorganization plan

By Jeff Pines

Washington, June 15 - Owens Corning Corp. wants more time to solicit votes for its reorganization plan, according to a request filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

The company is asking for an extension until Dec. 31. The current exclusive period expires July 1.

Owens Corning said it needs more time to get district court approval of its amended disclosure statement and solicit votes. It added that its case is large and complex, that it has made good-faith progress toward proposing a plan and that the company is not using the extension to pressure its creditors into accepting the plan.

A July 19 hearing is scheduled.

Owens Corning, a Toledo, Ohio-based building materials company, filed for bankruptcy on Oct. 5, 2000 over asbestos claims. Its Chapter 11 case number is 00-3837.

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