World leader in building materials and leading US glass fibre maker, Owens Corning, has filed for reorganisation under Chapter 11 of the US Bankruptcy Code owing to the increasing demands from its asbestos liabilities. The 5 October filing in Wilmington, Delaware, will allow the company to continue operating its businesses while a settlement plan is developed, a process that could take years. "Hearings average six years for Chapter 11," said a spokesman, "although we hope to learn from previous cases and get through the process a lot faster." In a statement, the company said that it has taken this step to resolve the company's asbestos liability in a manner that legally binds all existing and future claimants. News of the action sent the company's share price sliding to its lowest level for over three decades.
