USG uses $1.057 billion tax refund proceeds to repay tax bridge loan

By Caroline Salls

Pittsburgh, March 6 - USG Corp. received a $1.057 billion federal income tax refund and used the proceeds, along with cash on hand, to repay an outstanding $1.065 billion tax bridge loan, according to a company news release.

The refund is associated with the recovery of federal income taxes paid in previous years because of losses generated in 2006 from payments made to the asbestos trust created under USG's reorganization that took effect on June 20, 2006.

As is mandatory for large refunds, USG said the refund is subject to review by the Congressional Joint Committee on Taxation.

USG, a Chicago-based building materials company, emerged from bankruptcy in the U.S. Bankruptcy Court for the District of Delaware on June 20, 2006.

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