USG, the world's largest maker of wallboard, said Monday it expects to emerge from 4 1/2 years in bankruptcy this summer after agreeing to settle asbestos-related lawsuits. USG is to pay $900 million in cash into a new trust to handle asbestos personal-injury claims and another $3.05 billion through a contingent note. That payment will be canceled if Congress passes legislation creating a national asbestos personal-injury trust fund, but USG may not be holding out much hope for the bill.
January 31, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
USG Corp. said Monday it expects to emerge from 4 1/2 years in bankruptcy sometime this summer after the world’s largest manufacturer of wallboard agreed to settle its asbestos-related lawsuits.
The Chicago-based company’s stock leapt $15.59, or 19.5 percent, to $95.44 in afternoon trading Monday on the New York Stock Exchange — its highest level since the early 1990s. The stock traded around $4 in June 2001, when heavy asbestos litigation costs forced USG into Chapter 11.
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