Owens Corning: court decides on carryforwards request

Owens Corning said 19 April 2005 in a regulatory filing that the court supervising its Chapter 11 bankruptcy case approved a request that would limit large trades of the company“s stock.
The company…

Owens Corning said 19 April 2005 in a regulatory filing that the court supervising its Chapter 11 bankruptcy case approved a request that would limit large trades of the company“s stock. The company said the trading restrictions are required to prevent a change in ownership that would stop the building materials maker from exercising tax benefits found in its net loss carryforwards, according to a Form 8-K submitted to the Securities and Exchange Commission. The company said that if too many shares changes hands, the Internal Revenue Service can refuse to recognize net operating loss carryforwards that the company can write off. The company“s request was granted by Judge Judith Fitzgerald of the US Bankruptcy Court in Wilmington, Delaware. Toledo, Ohio-based Owens Corning has been in bankruptcy protection since 5 October 2000 as a result of mounting asbestos claims.