USG amends equity commitment agreement to decrease fees

By Caroline Salls

Pittsburgh, Feb. 28 - USG entered into an amendment to its equity commitment agreement with Berkshire Hathaway Inc. that decreased the commitment fee to $67 million from $100 million and the commitment extension fee to $6.7 million from $20 million, according to an 8-K filing with the Securities and Exchange Commission.

Under the agreement, Berkshire Hathaway committed to backstop the company's plan of reorganization rights offering by purchasing all of the shares in USG that are not purchased by other stockholders under the rights offering.

USG, a Chicago-based building materials company, filed for bankruptcy on June 25, 2001 in the U.S. Bankruptcy Court for the District of Delaware. Its Chapter 11 case number is 01-02094.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.