Owens Corning Pursues Restructuring, Growth Initiatives

27 April 2001

Owens Corning provided an update on its financial reorganization activities, six months after the Company and 17 of its domestic subsidiaries filed for protection under Chapter 11 of the US Bankruptcy Code, and reaffirmed its commitment to a number of long-planned initiatives designed to support the Company's growth.

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.

In addition, the Company outlined and reaffirmed its commitment to several long-planned initiatives designed to support its growth, highlighting the fact that its Composites business has been working closely with the major automotive companies to provide composite solutions (for example, the new composite pick-up truck box).

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