Owens Corning — once again — is trying to make a fresh start.
The Toledo, Ohio-based company filed for reorganization Oct. 5, putting a lid on the growing volume of personal-injury lawsuits from victims of crippling diseases caused by asbestos exposure.
It´s tempting to get on the anti-lawyer bandwagon and feel sorry for Owens Corning. After all, the company has not sold asbestos products for more than 25 years.
But the settlement program that Owens Corning joined in 1998 couldn´t keep up with the rising number of lawsuits. Owens Corning will survive Chapter 11, and hopes it will mark a final chapter in a tragic story that has long cast a shadow on the company.