USG Corporation files Chapter 11 petition
USG's major domestic subsidiaries also filed Chapter 11 petitions, including United States Gypsum Company, USG Interiors Inc. and L&W Supply Corporation.
According to William C. Foote, Chairman, President and CEO, USG is the eighth company in the last 18 months that has used Chapter 11 to resolve asbestos claims. In the past 20 years, 27 companies have filed for protection under Chapter 11 because of asbestos litigation.
Since 1994, U.S. Gypsum has been named in more than 250,000 asbestos-related personal injury claims, and has paid more than $450 million to resolve asbestos-related litigation. This year, U.S. Gypsum has received more than 22,000 new claims since the beginning of this year.
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.