USG Corp. has filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code. The move, the company said, was prompted by its desire to better manage the growing asbestos litigation costs of its United States Gypsum Co. subsidiary and to resolve asbestos claims.

USG's major domestic subsidiaries also filed Chapter 11 petitions, including United States Gypsum Co., USG Interiors Inc. and L&W Supply Corp.

USG has received a commitment for up to $350 million in debtor-in-possession financing from JP Morgan Chase. During the restructuring period and beyond, USG's operations will continue without interruption.