USG gets exclusivity extension, follows filing of reorganization plan

By Rebecca Melvin

Princeton, N.J., Feb. 21 - USG Corp. obtained from the U.S. Bankruptcy Court for the District of Delaware another extension for exclusivity to file a plan of reorganization and solicit votes. But since the company filed its reorganization plan last week, the two-page order was a formality that carried no real impact.

Signed by bankruptcy judge Judith Fitzgerald, the order extends the period of exclusivity through June 30, with the solicitation period extended to Sept. 1. The prior exclusivity period was through Dec. 31 with a solicitation period to March 1.

The regularly scheduled omnibus hearing predated the reorganization plan filing.

"It was a formality," said USG Corp's director of corporate communications, Robert Williams, who also said "it was obviated by the fact that we have an agreement."

Previous extensions were sought by the company as it spent time to determine the total amount of allowable asbestos personal injury claims and the determination of who was responsible for the potential liability in these cases.

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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