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USG pays final $3.05 to asbestos victims PDF Print E-mail

Tags: Asbestos Victims | USG

Monday, 02 March 2009 02:23



USG Corp. says Thursday he/it trusted his/its of the asbestos personal injury of a last payment of $3.05 billion, as finishing the financial obligations of the maker of the matters of the building under a regulation announced in January 2006.

Under terms of the plan of the reorganization of the bankruptcy of the company Based in Chicago, USG agreed to make three payments that add $3.95 billion to a confidence that will compensate some personal victims of the injury asbestos.

The first payment of $900 million has been made June 20. USG said that he combined the last two payments due in an only payment of $3.05 billion to maximize the 2006 deductions had need for a $1.1 billion repayment of the federal tax that he waits in 2007.

"We are optimistic about the future of USG and let's wait for sustained success that makes efficient our strategic plans with impatience, free by the asbestos responsibilities", President USG and general manager William Foote said in a declaration.

The payment of the confidence has been strengthened to use cash on hand, produced of a $500 million of offer of the eldest note and loans. The $1.1 billion repayment of the federal tax will be used to help repay the loans, USG said.

USG that emerged bankruptcy June 20 also said he adopted a new shareholder straightens plan that has a 15 for hundred trigger of the property of the part.

The new plan will replace a that had a 5 for hundred trigger, and has been adopted about the apparition of the Chapter company 11 bankruptcy.

As part of an existing agreement, Berkshire Hathaway Inc., what backstopped the $1.8 billion offers the rights that USG completed in August, can acquire until 40 percent parts of USG through August 1st, 2013 without triggering the plan of the rights.

The parts of USG decreased 36 hundred to close slowly to $54.48 on the Stock market of values of New York.



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Last Updated ( Monday, 02 March 2009 02:26 )