Summary
Corning Incorporated (GLW) announced via an 8-K filing on January 6, 2016, that all appeals related to the Modified Third Amended Plan of Reorganization for Pittsburgh Corning Corporation have been withdrawn. This development is significant as it paves the way for the Amended Plan to become effective, which was originally confirmed by the bankruptcy court in May 2013. The core of the Amended Plan involves channeling all current and future personal injury claims against Corning related to asbestos-containing products from Pittsburgh Corning into a newly established trust. This move is expected to provide a resolution mechanism for these claims and brings Corning closer to finally resolving legacy liabilities associated with Pittsburgh Corning.
Key Highlights
- 1All pending appeals concerning the Pittsburgh Corning Corporation's Amended Plan of Reorganization have been withdrawn as of January 6, 2016.
- 2The withdrawal of appeals allows for the Modified Third Amended Plan of Reorganization to move towards effectiveness.
- 3The Amended Plan, confirmed in May 2013, establishes a trust for personal injury claims related to asbestos exposure from Pittsburgh Corning products.
- 4Corning Incorporated anticipates the Amended Plan will become effective and trust funding conditions met in the first half of 2016.
- 5This filing addresses the resolution of legacy asbestos-related liabilities stemming from Pittsburgh Corning, a joint venture with PPG Industries.
- 6Pittsburgh Corning filed for Chapter 11 bankruptcy protection in 2000.