Owens Corning asbestos liability put at $7 billion

New York, April 1 - Owens Corning's liability for asbestos claims is $7 billion, according to the U.S. Bankruptcy Court for the District of Delaware.

The figure is an estimate of the contingent and unliquidated claims against the company for personal injury or death caused by exposure to asbestos.

Included in the total is pending claims, future claims and contract claims.

The figure was announced in an order from judge John Fullam filed with the U.S. Bankruptcy Court for the District of Delaware. It follows a civil action between the company and Credit Suisse First Boston.

The Toledo, Ohio-based building materials company had previously estimated its asbestos claims to be $16 billion.

But CSFB, the agent for the Owens Corning's pre-bankruptcy bank lenders, and other holders of the loans had said the value of claims is "significantly lower."

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

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