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Owen Corning to settle all claims on asbestos damage
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Jun 30, 2006 | From the print edition
The largest ever settlement for pollution caused by asbestos was made on May 10, 2006, when the world's largest producer of insulation products agreed to a payout.
Owen Corning announced a us $5.2 billion agreement to settle all present and future claims on asbestos damage and to protect itself from bankruptcy without any further obligations. The company also has to pay around us $2.27 billion to its debt holders.
Reports say Owen Corning faces over 180,000 claims already and could face well over half a million more in future because of the damage caused by asbestos insulation sold by the company between the 1950s and the 1970s.
The company will deposit us $4.29 billion in cash into a trust for people adversely affected by asbestos and also give 28.6 million shares to the trust once it emerges from bankruptcy.
