Pittsburgh Corning Asbestos Trust: Claims and Payment

Pittsburgh Corning Corporation began in 1937 as a maker of architectural glass block, backed by Pittsburgh Plate Glass Company and Corning Glass Works. On April 16, 2000 it filed a voluntary Chapter 11 petition. Its asbestos personal injury claims were handled through a plan of reorganization. The trust's own page refers to the Third Amended Joint Plan of Reorganization as the document under which asbestos trust claims are resolved. A release from PPG Industries filed with the SEC states that the court confirmed the plan in May 2013 and that the plan became effective on April 27, 2016. The plan created the Pittsburgh Corning Asbestos Trust to resolve channeled asbestos claims, and the existing shares of the reorganized company were cancelled and the trust became its sole shareholder. The trust describes its purpose as processing, liquidating and paying all valid asbestos personal injury claims for which Pittsburgh Corning has legal responsibility. Its Trust Distribution Procedures schedule eight disease levels, from a cash discount payment for other asbestos disease up to mesothelioma, and several levels turn on exposure to the company's Unibestos product during a defined period.