Owens Corning asbestos trust to sell 7 million common shares

By Caroline Salls

Pittsburgh, May 2 - Owens Corning stockholder Owens Corning/Fibreboard Asbestos Personal Injury Trust has agreed to sell 7 million share of its common stock to BofA Merrill Lynch and J.P. Morgan, with all proceeds earmarked for the trust, according to a news release.

The shares are being sold by the trust in an at-the-market offering under an effective shelf registration statement.

Owens Corning, a Toledo, Ohio, building materials company, emerged from Chapter 11 bankruptcy in October 2006.

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