PPG Industries said the U.S. Bankruptcy Court for the Western District of Pennsylvania has issued an interim order confirming a reorganization plan for Pittsburgh Corning, a business jointly owned by PPG and Corning Inc.
Under the plan, PPG will make payments totalling $825 million through 2023 to a trust that will serve as the repository for asbestos-related litigation involving Pittsburgh Corning.
The company will also contribute 1.4 million shares of stock or a cash equivalent and surrender its shares in Pittsburgh Corning.
Its insurance carriers are to make cash payments totalling $1.7 billion by 2027 to the trust.
A final order is expected from the court following a hearing scheduled for next week.