Pittsburgh Corning Corporation Files Modified Reorganization Plan
CORNING, N.Y. – Corning Incorporated (NYSE:GLW) today announced that on January 29, 2009, Pittsburgh Corning Corporation (PCC) filed a Modified Third Amended Plan of Reorganization (Plan), which will resolve certain current and future asbestos claims against Corning, arising from PCC products or activities. PCC is owned 50 percent by Corning and 50 percent by PPG Industries, Inc.
The Plan is subject to the approval of the federal bankruptcy court in Pittsburgh, and a favorable vote of the asbestos claimants voting on the Plan. Corning’s contributions to the settlement trust formed pursuant to the Plan will begin after certain conditions are met, and the Plan is approved and no longer subject to appeal. The approval process could take one year or longer.
Corning’s accrued asbestos liability at December 31, 2008, reflects its contributions under the Plan. For a summary Corning’s PCC-related asbestos litigation, please refer to the Company’s quarterly report on Form 10-Q for the quarter ended September 30, 2008.
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