Today’s post was shared by Jon L Gelman and comes from gelmans.com
 $3.5 Billion Pittsburg Corning Corporation Asbestos Trust Fund Is Now Operating
After 16 years of bankrutcy, the $3.5 Billion asbestos trust of Pittsburg Cornning Corporation (PPG) opened for the business of paying asbestos victims and their famiies. PPG anounce that that the payment plan provided for under the asbestos companies bankruptcy reorganization plan ffective April 27, 2016. PPG has emerged from Chapter 11 bankrutcy and has been operating under asbestos-realted Chapter 11 protection since April 16, 2000.
The Pittsburgh Corning Modified Third Amended POR establishes the Pittsburgh Corning Asbestos Personal Injury Settlement Trust. Scheduled to receive assets valued in excess of $3.5 billion, the Trust will be among the largest asbestos trusts in the country. It assumes all asbestos-related liabilities related to Pittsburgh Corning and resolves all asbestos personal injury claims, including those filed in the future. The Trust is to be funded by contributions of Pittsburgh Corning, its shareholders (PPG Industries Inc. and Corning Incorporated) and participating insurance carriers. Prior to emergence from Chapter 11, Pittsburgh Corning and Pittsburgh Corning Europe were equity affiliates of PPG Industries, Inc. and Corning, Inc. Effective today, Pittsburgh Corning Corporation will be owned by the Pittsburgh Corning Asbestos Personal Injury Settlement Trust. Pittsburgh Corning Europe was not subject to Chapter 11, but its shares will be contributed to the Trust as…
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