Owens Corning judge delays decision on examiner

By Jeff Pines

Washington, July 8 - The judge overseeing Owens Corning's bankruptcy decided she will delay her decision on appointing an examiner until after a decision is made on whether to appoint a trustee.

The unsecured creditors' committee asked for a trustee to be appointed on Oct. 30, 2003.

A hearing was scheduled for July 19 to consider the matter but judge Judith Fitzgerald decided to wait until after a decision is made on appointing an examiner, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

Credit Suisse First Boston, Kensington International Ltd., Springfield Associates LLC and Angelo Gordon filed a request for the judge to appoint an examiner.

They believe there are a number of irregularities in the case that led to the company's proposed plan of reorganization. In addition, the group wants the examiner to investigate to what extent tort interests' attorneys used their contacts to influence Owens Corning and the plan process.

Owens Corning filed for bankruptcy on Oct. 5, 2000 to obtain relief from asbestos-related lawsuits. The company's Chapter 11 case number is 00-03837.

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