Owens Corning said it is proceeding smoothly with the Chapter 11 reorganization process, led by Maura Abeln Smith, senior vice president, chief restructuring officer, general counsel and secretary, and a reorganization team pulled from a variety of departments throughout the Company. The sole focus of this team is to manage the Chapter 11 process, enabling Owens Corning to meet all requirements of financial restructuring as efficiently and thoroughly as possible.
Financial reorganization entails a comprehensive review of every aspect of our business.
The Company expects that a Futures Representative for asbestos claimants will be selected in the second quarter. In January of this year, Owens Corning completed the installation of a proprietary technology at its Delmar, NY, fiberglass insulation plant. This technology represents the Company's most productive and lowest cost technical platform for the manufacture of fiberglass insulation. Since its installation in the Delmar facility, new records for productivity and quality have been achieved. In the third quarter of 2001, Owens Corning will open its new Fiberteq LLC facility.