Amid investor concerns over the possible cost of asbestos-related illness litigation, US operation Owens Corning appointed Maura Abeln Smith to the newly created post of Chief Restructuring Officer. S…
Amid investor concerns over the possible cost of asbestos-related illness litigation, US operation Owens Corning appointed Maura Abeln Smith to the newly created post of Chief Restructuring Officer. Smith will continue to serve as senior vice president, general counsel and secretary. The new assignment follows the voluntary filing for reorganization under Chapter 11 of the US Bankruptcy Code to tackle the growing demands on Owens Corning cashflow resulting from its multi-billion dollar asbestos liability. In addition to her responsibility for legal operations as general counsel, Smith will be in charge of restructuring the company and developing a plan of reorganization. “We want to emerge quickly from Chapter 11 as a strong and financially viable enterprise – Maura now has the responsibility and the team necessary to achieve those goals,” said Glen H. Hiner, chairman and CEO of Owens Corning.