Armstrong /Owens Corning Chapter 11

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Owens Corning have joined more than 20 other companies in filing for reorganization under Chapter 11 of the U.S. Bankruptcy Code because of financial pressures resulting from asbestos-related liability. There currently are approximately 173,000 and 460,000 personal claims against Armstrong and Owens Corning, respectively. Both companies have taken this action as a way of handling all of the claims (exposure totals in the billions) and eliminating contingent liability. Filing for bankruptcy under Chapter 11 protects normal business operations and allows control over company cashflow.