Owens Corning equity holders appeals of committee appointment, exclusivity extension rulings dismissed

By Caroline Salls

Pittsburgh, June 14 - Owens Corning's ad hoc committee of preferred and equity security holders agreed to the dismissal of its appeals of denial of a request to appoint an official committee of preferred and equity security holders and an order extending the company's exclusivity periods, according to Tuesday filings with the U.S. Bankruptcy Court for the District of Delaware.

The court denied the official equity committee motion on Feb. 17 after the company and its U.S. Trustee objected to the motion, saying equity is already adequately represented in Owens Corning's case and the appointment of an official equity committee would add unnecessary administrative expense and delay.

The trustee also said the company has failed to prove that equity has sufficient value in this case to merit appointment of an official committee.

Owens Corning's exclusive periods to file a plan of reorganization and solicit votes on the plan were extended on Feb. 13 to July 31 from Jan. 31.

Judge Judith K. Fitzgerald said in her order that the extension was based on the size and complexity of Owens Corning's case and to allow it more time to negotiate an amended plan of reorganization.

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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