PITTSBURGH, Oct. 1, 2014 (GLOBE NEWSWIRE) -- Pittsburgh Corning Corporation (www.pghcorning.com), a global manufacturer of sustainable, high performance glass products for the building, energy and industrial markets, announced that its Modified Third Amended Plan of Reorganization has been confirmed by the U.S. District Court for the Western District of Pennsylvania, effective October 1. The confirmation affirms the May 2013 ruling by the U. S. Bankruptcy Court for the Western District of Pennsylvania, leading the company one step closer to emerging from Chapter 11 bankruptcy. Pittsburgh Corning has operated under Chapter 11 protection since April 16, 2000.
Between 1964 and 1972, Pittsburgh Corning manufactured, marketed and sold Unibestos, an asbestos pipe insulation product it acquired from Union Asbestos and Rubber Company. The company manufactured Unibestos at its plants in Tyler, Texas and Port Allegany, Pennsylvania. While the Pittsburgh Corning revenues for this product averaged less than $3 million annually, the company was named as a defendant in asbestos-related lawsuits, defending and resolving more than 200,000 claims. Pittsburgh Corning sought Chapter 11 protection in 2000, when it became apparent that defending and settling an additional 235,000 claims would exhaust company resources before they could be resolved.
The confirmed Plan of Reorganization establishes a trust valued in excess of $3.5 billion to assume all asbestos-related liabilities and resolve all asbestos personal injury claims. The trust will be funded by Pittsburgh Corning, its shareholders PPG Industries Inc. and Corning Incorporated, and participating insurance carriers.
"This confirmation by the U.S. District Court is another significant milestone for Pittsburgh Corning Corporation, leading us one step closer to the consummation of our Chapter 11 process," said James R. Kane, Chairman and Chief Executive Officer of Pittsburgh Corning Corporation. "We thank our employees, customers, suppliers, shareholders and business partners for helping our company remain stable and competitive. Pittsburgh Corning has a strong foundation for continued growth, and we look forward to completing the next steps toward emerging from bankruptcy."
About Pittsburgh Corning Corporation and Pittsburgh Corning Europe, N.V.
Pittsburgh Corning is a global leader in the design and manufacture of specialized insulation and glass block for building and industrial applications. Headquartered in Pittsburgh, Pennsylvania and in Tessenderlo, Belgium, the companies are equity affiliates of PPG Industries, Inc. and Corning, Inc.
The Pittsburgh Corning FOAMGLAS® business manufactures high-performance FOAMGLAS® cellular glass insulation used in industrial, commercial and building applications. FOAMGLAS® insulation offers a unique combination of properties, making it one of the highest performing insulation materials available. Billions of board feet of FOAMGLAS® have been installed throughout the world in thousands of buildings and industrial plants. Pittsburgh Corning Corporation also offers a wide range of complementary accessory products including sealants, adhesives, and jacketing.
The Pittsburgh Corning glass block business is the largest United States manufacturer of premium glass block products and specialized architectural window systems for commercial, institutional, government and residential buildings.
Source: Pittsburgh Corning