Fitch: U.S. Bankruptcy Court Rejects Reorganization Plan for PPG's Pittsburgh Corning Corp. Unit.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- On Dec. 22, 2006, the U.S. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. for the Western District of Pennsylvania issued a decision denying confirmation of the most recent amended plan of reorganization for Pittsburgh Corning Corporation (PC). PPG Industries PPG Industries (NYSE: PPG) was founded in 1883 as the Pittsburgh Plate Glass Company. PPG is an American manufacturer of glass and chemical products, including automotive safety glass. , Inc. (PPG PPG Points Per Game (basketball player statistic) PPG Power Play Goals (hockey) PPG Planning Policy Guidance (UK) PPG Programmable Pulse Generator PPG Power Puff Girls ) has owned 50% of PC since 1937. The plan would have allowed independent asbestos claims against PPG to be channeled to the proposed trust in the bankruptcy case of PC, which the judge indicated that PPG may not do. While the proposed bankruptcy exit plan for PC was not confirmed, the judge has given the parties involved time to change their proposal to conform to Verb 1. conform to - satisfy a condition or restriction; "Does this paper meet the requirements for the degree?" fit, meet coordinate - be co-ordinated; "These activities coordinate well" the ruling. Management indicated that it is studying the bankruptcy court's decision to determine its next steps. Fitch expects PPG to resolve the issues raised by the bankruptcy judge in her latest ruling that would allow PPG to use the proposed trust to address most of its asbestos claims. It is Fitch's expectation that this issue will not likely be fully resolved in the near term and Fitch will continue to monitor the progress of PC's reorganization plan A scheme authorized by federal law and promulgated by the president whereby he or she alters the structure of federal agencies to promote government efficiency and economy through a transfer, consolidation, coordination, authorization, or abolition of functions. as well as potential independent asbestos claims against PPG that may not be addressed in the PC plan. The company has been a defendant in lawsuits involving asbestos claims for over 30 years, mostly related to its 50% ownership of PC, a 50-50 venture owned by PPG and Corning Incorporated. In May 2002, PPG agreed to a $2.7 billion settlement agreement of outstanding asbestos claims against PPG and PC. Under the settlement agreement, PPG would make aggregate cash payments of approximately $998 million (payable according to a fixed payment schedule over 21 years), contribute 1.4 million shares of its stock, and convey the stock it owns in PC to a trust. PPG's participating historical insurance carriers would make cash payments to the trust of approximately $1.7 billion. Founded in 1883, PPG is a global supplier of coatings, glass, fiberglass, and chemicals. The company has 108 manufacturing facilities and equity affiliates in more than 20 countries. PPG is the world's largest producer of transportation coatings and a leading maker of industrial and packaging coatings, architectural coatings, aircraft transparencies, flat and fabricated glass, continuous-strand fiberglass, and chlor-alkali and specialty chemicals. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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