Bankruptcy court issues ruling on Pittsburgh Corning reorganization plan
PITTSBURGH, June 17, 2011 – The United States Bankruptcy Court for the Western District of Pennsylvania issued a decision denying confirmation of the most recent amended plan of reorganization, filed on Jan. 29, 2009, for Pittsburgh Corning Corp. after normal business hours last evening.
Although denying confirmation, the decision viewed favorably many features of the plan. PPG Industries (NYSE: PPG) is studying the bankruptcy court’s decision and is encouraged that the bankruptcy court has scheduled a status conference for July 20, 2011, to consider additional steps to be taken in the case, including potential modifications to the plan in accordance with the bankruptcy court’s opinion.
PPG has owned 50 percent of Pittsburgh Corning since 1937.
PPG Industries’ vision is to continue to be the world’s leading coatings and specialty products company. Founded in 1883, the company serves customers in industrial, transportation, consumer products, and construction markets and aftermarkets. With headquarters in Pittsburgh, PPG operates in more than 60 countries around the globe. Sales in 2010 were $13.4 billion. PPG shares are traded on the New York Stock Exchange (symbol: PPG). For more information, visit www.ppg.com.
PPG Corporate Communications
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