USG Corp. on June 25 filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code to manage the growing asbestos litigation costs of its U.S. Gypsum Co. subsidiary and to resolve asbestos claims, it said. Its major domestic subsidiaries also filed Chapter 11 petititons, include U.S. Gypsum Co., USG Interiors Inc. and L&W Supply Corp.
'We took this action not only to resolve asbestos lawsuits equitable, but also to protect the long-term value of our business and maintain our leadership position in the market,' said William C. Foote, chairman, president and CEO.
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