USG gets extension to exclusive plan filing, solicitation periods

By Caroline Salls

Pittsburgh, Aug. 31 - USG Corp. obtained an extension to its exclusive periods to file a plan of reorganization and to solicit votes on the plan, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company's exclusive plan filing period was extended to Dec. 31 from June 30 and solicitation period to March 1, 2006 from Aug. 31.

In its motion, the company said the extension is necessary because it has spent the last six months engaged in the estimation of the total amount of allowable asbestos personal injury claims and the determination of who is responsible for the potential liability in these cases.

However, the company has not been able to formulate a plan because these processes are still ongoing and discovery and pretrial matters are expected to be completed by the end of the year, with estimation hearings to start soon afterward.

USG, a Chicago-based building materials company, filed for bankruptcy on June 25, 2001. Its Chapter 11 case number is 01-02094.

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