In the Owens Corning Chapter 11 bankruptcy case, Credit Suisse First Boston filed an appeal on 13 October 2004 against the court decision granting the request by Owens Corning for itself and its subsi…
In the Owens Corning Chapter 11 bankruptcy case, Credit Suisse First Boston filed an appeal on 13 October 2004 against the court decision granting the request by Owens Corning for itself and its subsidiaries to be treated as a single unit. On 5 October 2004 U.S. District Judge John Fullam rejected the banks“ argument that their loans are guaranteed by certain, non-Chapter 11 subsidiaries of Owens Corning, giving them priority over other creditors. The bank loan holders stand to lose USD 1 billion if the case is substantively consolidated. Owens Corning, its asbestos plaintiffs and its bondholders were in favor of substantive consolidation.