Dow Corning Corporation reorganization plan clears legal hurdle

Fiber optics and display technologies manufacturer Corning Incorporated announced 13 December 2002 that the Plan of Reorganization of Dow Corning Corporation cleared a major obstacle on 11 December 20…

Fiber optics and display technologies manufacturer Corning Incorporated announced 13 December 2002 that the Plan of Reorganization of Dow Corning Corporation cleared a major obstacle on 11 December 2002, when U.S. District Court Judge Denise Page Hood entered supplemental findings in favor of the release and injunction provisions under the Plan. These findings respond to an open issue remanded to Judge Hood by the U.S. Court of Appeals in January 2002. Corning owns 50% of the common stock of Dow Corning. Although further legal appeals are possible, Corning said that it is evaluating the District Court“s findings as it considers whether and when to recognize equity earnings from Dow Corning.