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Pittsburgh Corning Plan of Reorganization Becomes Effective

PITTSBURGH, Apr 27, 2016 (BUSINESS WIRE) -- PPG PPG, -1.67% today announced that the Pittsburgh Corning Plan of Reorganization, including its asbestos channeling injunction, became effective today. The plan also created the Pittsburgh Corning Asbestos Trust to resolve channeled asbestos claims. The Pittsburgh Corning Plan of Reorganization was confirmed by the Court in May 2013, and the remaining legal challenges to the plan were withdrawn in January 2016.

Under the plan, PPG and other funding parties are required to make initial contributions to the trust by early June. PPG’s initial trust funding requirements are comprised of three components:

  • A cash payment of about $500 million. PPG will utilize cash on hand for this funding, and the payment will have no impact on PPG’s previously stated cash deployment targets.
  • The delivery of approximately 2.8 million shares of PPG common stock or cash equal to the fair value of these...