Owens Corning requests court approval for $2.05 million asphalt facility sale

By Caroline Salls

Pittsburgh, July 20 - Owens Corning requested court authorization to sell its North Bend, Ohio, asphalt facility to Valley Asphalt Corp. for $2.05 million, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

According to the filing, if Owens Corning fails to assign specified air, railroad and Army Corps of Engineers permits at closing, the purchase price will be reduced to $1.85 million.

The facility is comprised of about 53 acres and a manufacturing facility where Owens Corning manufactured asphalt for roof shingle products.

The facility was closed in 2004 due to an Owens Corning cost reduction program.

A hearing is scheduled for Aug. 29.

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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