CSFB asks court to appoint a trustee for Owens Corning

By Jeff Pines

Washington, July 14 - Credit Suisse First Boston filed its own request asking the U.S. Bankruptcy Court for the District of Delaware to appoint a trustee for Owens Corning.

CSFB, which is the agent for the Toledo, Ohio-based building materials company's pre-Chapter 11 bank lenders, filed the request Tuesday.

The previous motion for a trustee was filed by the company's official committee of unsecured creditors.

Owens Corning's bondholders and trade creditors withdrew their support for a trustee after they reached an agreement with the company so CSFB decided to formally ask for a trustee to avoid any misunderstandings, it said.

CSFB and other holders of pre-petition bank debt believe the asbestos personal injury claimants and their attorneys are getting a better recovery than they should.

A July 19 hearing is planned.

The company filed for bankruptcy to deal with growing asbestos-related litigation on Oct. 5, 2000. Owens-Corning's Chapter 11 case number is 00-03837.

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