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PPG Industries partner seeks Ch. 11 amendment

Post Time:Feb 05,2009Classify:Company NewsView:403

PPG Industries Inc. said Friday one of its joint ventures has submitted a plan to amend a bankruptcy filing that, if approved, would create a trust to handle asbestos cases.

PPG Industries (nyse: PPG - news - people ) owns 50 percent of Pittsburgh Corning (nyse: GLW - news - people ), which filed for Ch. 11 protection in 2000. Corning Inc. owns the remaining 50 percent.

Under the terms of the amended plan, which must still be approved, any lawsuits against PPG Industries related to abestos-containing products manufactured, distributed or sold by Pittsburgh Corning will be addressed by the trust.

PPG Industries will channel about $825 million to the trust over a 15-year period.

"While we continue to believe PPG is not responsible for injuries caused by Pittsburgh Corning products, this amended plan would permanently resolve PPG's asbestos liabilities associated with Pittsburgh Corning," said James C. Diggs, PPG senior vice president, general counsel and secretary.

Shares of PPG Industries fell $1.15, or 2.9 percent, to $38.23 in midday trading. The stock has traded between $35.94 and $69.89 in the past 52 weeks.

Source: Associated PressAuthor: shangyi

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