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USG Emerges From Bankruptcy
USG Corp.. Chicago. Il.. has formally emerged from Chapter I l bankruptcy protection.
USG is beginning the process of repaying its creditors and funding an asbestos trust that rvill be responsible for compensating asbestos personal injury claimants.
"lt is a great day for USG." said William C. Foore. USG chairman and c.e.o. "The court's action enables us to bring to a close one of the most challenging and extraordinary events in the company's lM-year history."
"The successful resolution ofour Chapter I I case is historic in the context of asbestos bankruptcy cases." said Foote. "Asbestos claimants rvill be compensated. our banks. bondholders and suppliers rvill be repaid in full100 cents on the dollar. rvith interest-and shareholders rvho stood by us through this process rvill be rervarded by retaining orvnership in the company."
The plan of reorganization. which rvas approved by more than 99% of the asbestos personal injury claimants voting, requires USG to establish and fund a personal injury trust to pay asbestos personal injury claims.
The company has already made a $900 million payment to the nerv trust. Two more payments totaling $3.05 billion are to be made rvithin the next year if Congress fails to enact legislation establishing a national asbestos penonal injury trust fund. such as the FAIR Act. rvhich is currently being considered in the U.S. Senate.
Financing for the plan is expected to be provided from USG's cash on hand. a $1.8 billion rights offering to srockholders backstopped by Berkshire Hatharvay. tax refunds. and nerv long-term debt.
DMS| Hosting Executive Sessions
In September, DMSi rvill be visiting both Denver. Co.. and Chicago. Il.. to host one-day executive sessions for owners. presidents and senior management utilizing its softrvare.
Each event rvill start rvith a netrvorking opportunity the preceding evening at the hotel and rvill conclude late afternoon. Through these executive sessions. attendees rvill discover: the latest industry trends. rvhere DMSi is headed. and many profit enhancing ideas.
DMSi management rvill present an executive update regarding the future direction of DMSi and horv its pncducts and services can make a positive impact on users' bottom lines.
"We look fonvard to discussing rvith the owners and top management of our customers horv technology can help their organizations run more efficiently. These sessions provide us the opportunity to share information about ecommerce. business intelligence. bar-coded rvarehouse management. and other mobile solutions-all focused on improving profitability." said c.e.o. Jim Hassenstab.
Roundtable discussions and individual sessions are also scheduled.