Editing Pittsburgh Corning Trust (section)

== How Did Pittsburgh Corning's Historic 16-Year Bankruptcy Unfold? ==

Pittsburgh Corning's bankruptcy became one of the longest and most complex Chapter 11 proceedings in American legal history, lasting over 16 years from filing to trust establishment.

=== Pre-Bankruptcy Crisis ===

By the late 1990s, Pittsburgh Corning faced overwhelming asbestos litigation:
* More than '''400,000 lawsuits''' filed against the company
* Approximately '''200,000 cases''' settled before bankruptcy filing
* Mounting evidence of corporate knowledge dating back decades
* Financial resources insufficient to address projected future claims

=== Bankruptcy Timeline ===

'''April 2000:''' Pittsburgh Corning files for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Western District of Pennsylvania

'''2000-2013:''' Extended negotiations between Pittsburgh Corning, parent companies (PPG and Corning), insurers, and claimant representatives

'''May 2013:''' U.S. Bankruptcy Court confirms the reorganization plan (with revised opinion and final order)

'''April 2016:''' Pittsburgh Corning officially emerges from bankruptcy; trust begins accepting claims

'''July 2017:''' Owens Corning acquires Pittsburgh Corning for $560 million in cash

=== Trust Funding Structure ===

The [https://www.mesotheliomalawyercenter.org/asbestos/manufacturers/pittsburgh-corning/ Pittsburgh Corning Trust] received funding from multiple sources:

'''PPG Industries Contributions:'''
* Approximately '''$825 million''' in cash (paid over 10 years)
* Around '''1.4 million shares''' of PPG stock (or cash equivalent)
* Relinquished interests in Pittsburgh Corning and Pittsburgh Corning Europe

'''Corning Incorporated Contributions:'''
* Initial contribution of roughly '''$500 million'''
* '''2.8 million shares''' of Corning stock
* Shares in Pittsburgh Corning Europe

'''Insurance Contributions:'''
* PPG's insurers contributed approximately '''$1.7 billion''' through 2027
* Additional '''$350 million''' in future cash payments from PPG through 2023

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| style="padding:15px; color:#155724;" | '''✅ Strong Financial Position:''' The robust funding structure from two Fortune 500 parent companies plus major insurers explains why Pittsburgh Corning maintains one of the highest payment percentages (19-20%) among asbestos trusts. The trust's $1.114 billion in current assets supports projected sustainability of 20+ years.
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