USG Corp. said today that it has won federal court approval ofits bankruptcy plan to turn over 97 percent of its common stock tobondholders.
The building materials company said it is now well on its way tofinancial health.
"There is nothing wrong with this company that the eliminationof $1.4 billion in debt won't fix," USG lawyer David G. Heiman saidin Wilmington, Del., after the U.S. Bankruptcy Court there approvedthe reorganization plan.
The elimination of $1.4 billion in debt means an annual savingsin interest payments of $210 million.
"The two-year restructuring process has finally come to an end,"said Eugene B. Connolly, chairman and chief …
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