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USG CORP. COMPLETES FINANCIAL RESTRUCTURING, OFFICIALLY EXITS BANKRUPTCY

 CHICAGO, May 6 /PRNewswire/ -- USG Corp. (NYSE: USG) announced today that it has completed its financial restructuring, and is officially out of bankruptcy. The prepackaged bankruptcy, one of the largest ever, was implemented today and was completed in 38 days.
 CONNOLLY CONFIDENT OF USG'S FUTURE
 Commenting on USG's emergence from bankruptcy, USG Chairman Eugene B. Connolly said, "Today is a great day for USG. We can finally put the two-and-a-half-year restructuring process totally behind us and look to the future with confidence. I'd like to thank all of our stockholders, banks, bondholders, customers, suppliers, directors and employees who have supported our efforts to regain a healthy balance sheet. The recent 31 percent improvement in USG's first quarter EBITDA confirms the fact that because of your support, our operating businesses are healthy, our franchise is intact, and the foundation for USG's future is very, very strong."
 EXCHANGE PROCESS BEGINS
 USG's old common stock will officially cease trading today at the closing bell of the New York Stock Exchange. The new shares of USG will begin trading on a when-issued basis at the opening of the NYSE tomorrow, May 7. Shareholders and subordinated bondholders who hold their securities in certificate form will be mailed a letter of transmittal this week, and must surrender their old securities to receive their new stock and warrants if applicable. Shareholders and bondholders who hold their securities in street name need not take any action, as their brokerage firms will facilitate the exchange process for them.
 Holders of the corporation's bank debt and 7-3/8 percent senior notes will receive interest payments through May 5 on their old securities. Holders will be issued their new securities and accrued interest only upon surrender of their old securities. Interest on the new securities will start accruing as of May 6. The corporation anticipates that all of its securities will begin trading on a regular basis early next week.
 USG Corp. is a Fortune 250 company whose subsidiaries are market leaders in their key product groups of gypsum wallboard, joint compound and related gypsum products, ceiling tile and grid and building products distribution.
 -0- 5/6/93
 /CONTACT: USG Corporate Communications Department, 312-606-4124; or Investor Communications Department, 312-606-5594/
 (USG)


CO: USG Corp. ST: Illinois IN: CST SU: RCN

PS -- NY054 -- 5344 05/06/93 10:50 EDT
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Date:May 6, 1993
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