Owens Corning gets extension to exclusive period to solicit votes

By Caroline Salls

Pittsburgh, April 25 - Owens Corning obtained an extension of its exclusive right to solicit votes for its reorganization plan in an order filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

The exclusive period was extended to June 30. It expired on Dec. 31.

According to the order, if the third circuit court reverses the district court's Oct. 5, 2004 order granting Owens Corning's request for the consolidation of its estates, then the company must schedule a status conference to discuss the disclosure statement and plan.

In November, the Toledo, Ohio-based building materials company said it needed the extension to obtain district court approval of its amended disclosure statement and to solicit votes.

In Friday's filing, judge Judith K. Fitzgerald said the extension was granted because the case is extremely large and complex and Owens Corning has made progress toward completing its plan of reorganization.

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

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