Owens Corning exclusive periods extended to Nov. 14

By Caroline Salls

Pittsburgh, Oct. 26 - Owens Corning obtained an extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company's exclusive periods were extended to the Nov. 14 omnibus hearing from Oct. 24. The company wants to extend the exclusive periods to Jan. 31.

According to the motion, after an appeals court overturned substantive consolidation in Owens Corning's Chapter 11 case, the bankruptcy court said the company has until the end of 2005 to file a new plan.

Owens Corning said the extension will allow it to file a new plan according to the court's schedule and to ask for a further extension of the solicitation period in January.

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

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