Owens Corning wants to know more about ad hoc bondholders' committee

By Jeff Pines

Washington, Aug. 19 - Owens Corning said it knows who belongs to the ad hoc bondholders' committee, how much pre-petition debt they claim they hold, but not much else, and it wants to know more.

The Toledo, Ohio-based building materials company wants the U.S. Bankruptcy Court for the District of Delaware to make the members of the committee comply with disclosures mandated by a rule under federal bankruptcy law, and if they refuse, to ignore their paperwork.

The disclosure the committee members filed does not tell the company the nature, the amount, the date the members acquired their claims and at what discount they acquired the debt or claim, the company said.

Owens Corning said the members of the committee "include well known 'vulture funds' that may have purchased different types of bankruptcy claims to hedge their bets." It also wants the ad hoc committee members to disclose the holdings of their affiliates so it knows what their "true economic interests" are.

A Sept. 27 hearing is scheduled.

Owens Corning filed for bankruptcy on Oct. 5, 2000. Its Chapter 11 case number is 00-03837.

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