Owens Corning Appoints Chief Restructuring Officer
TOLEDO, Ohio, Nov. 15 - Owens Corning (NYSE:OWC) today announced that Maura Abeln Smith has been given business leadership responsibility by being named 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 last month's voluntary filing for reorganization under Chapter 11 of the U.S. Bankruptcy Code to address the growing demands on Owens Corning cash flow resulting from its multi-billion dollar asbestos liability.
"In addition to her responsibility for legal operations as general counsel, Maura will provide the leadership needed to restructure the company and develop a plan of reorganization," says Glen H. Hiner, chairman and chief executive officer, Owens Corning.
"Our goal in this whole process is to resolve, once and for all, our asbestos liability," continues Hiner. "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."
Smith joined Owens Corning as senior vice president, general counsel and secretary on February 1, 1998. She came from General Electric, where she was vice president and general counsel of GE Plastics.
Prior to joining General Electric, Smith was a partner with the international law firm of Baker & McKenzie in its Miami, Fla., office, and corporate transactions attorney with the firm of Steel Hector & Davis in Miami.
Smith earned a Bachelor of Arts degree from Vassar College, a Master of Philosophy degree in economics from Oxford University, England, where she was a Rhodes Scholar, and a Juris Doctor from the University of Miami.
"The assignment announced today will allow others in the company to continue to focus on serving our customers and helping the business grow," says Hiner. "Owens Corning is a sound company, with over $5 billion in annual revenues and leadership positions in all of its businesses. The combination of our cash on hand, strong seasonal cash flows and previously announced Bank of America financing commitment, provides the company sufficient liquidity to meet our future financial obligations to employees, suppliers and vendors."
Owens Corning is a world leader in building materials systems and composites systems. The company has sales of $5 billion and employs approximately 20,000 people worldwide. Additional information is available on Owens Corning's Web site at http://www.owenscorning.com or by calling the company's toll-free General Information line: 1-877-799-6904.
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in these statements. Further information on factors that could affect the company's financial and other results is included in the company's Forms 10-Q and 10-K, filed with the Securities and Exchange Commission.
SOURCE Owens Corning
CONTACT: Gregg Bronk, Corporate Communications, 419-248-8004, or Jules Vinnedge, Investor Relations, 419-248-7377, both of Owens Corning; or Fred Spar of Kekst & Company, 212-521-4813
