District Court Affirms Confirmation of Pittsburgh Corning Reorganization Plan

PPG Industries  announced that the U.S. District Court for the Western District of Pennsylvania issued a memorandum opinion and order on Sept. 30, 2014, affirming confirmation of the current Pittsburgh Corning plan of reorganization. PPG and Corning Incorporated are each 50-percent shareholders of Pittsburgh Corning, which filed for Chapter 11 bankruptcy protection in 2000.

PPG is pleased with the court decision affirming the decision of the bankruptcy court to confirm the Pittsburgh Corning plan of reorganization. The order of the District Court is subject to a customary appeals process and, if that order is upheld and all conditions are met, the plan of reorganization would become effective. Under the plan of reorganization, PPG and its participating insurers are to make their initial payments to the trust 30 business days after the plan becomes effective and all conditions to funding have been met.