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Judge Rejects Pittsburgh Corning Bankruptcy

8:26 AM MDT | July 30, 2007 | Kara Sissell

A federal bankruptcy judge has rejected the reorganization plan filed several years ago by Pittsburgh Corning (Pittsburgh), a 50-50 joint venture between PPG Industries and Corning Glass. The judge says she rejected the reorganization plan due to provisions made for certain asbestos claims against the parent firms PPG and Corning that would allow them to pay into the asbestos trust established by the Pittsburgh Corning reorganization. “Although denying confirmation, the decision viewed favorably many features of the plan,” PPG says. The company says...

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