The bankruptcy reorganisation plan for Pittsburgh Corning, a business jointly owned by PPG Industries and Corning, was confirmed by the US Bankruptcy Court of Western Pennsylvania, PPG said.
The case was first filed in 2000. This current plan was approved by the court but motions to reconsider the plan will be accepted until May 21. A hearing is set for May 23, PPG said in a statement. The final confirmation order is subject to the appeals process.
The reorganisation plan includes PPG’s asbestos settlement and all current and future claims regarding asbestos exposure at Pittsburgh Corning will be channeled through a trust for resolution, PPG said.
If the final confirmation order is upheld, PPG and its insurers must make an initial payment to the trust within 30 business days of the plan’s effective date.