Owens Corning 's loan was a touch stronger in the 74-75 range after the commencement of Judge Alfred Wolin 's recusal hearing on Dec. 12. Prior to the hearing, the name was quoted in the 70 1Ž 8-72 5Ž 8range, according to Mark-It/LoanX. The loan rallied on this news because creditors are hopeful for a better recovery if Wolin steps aside. Reports indicated that no time line for a ruling was established.
Last month, the company's bank debt shot up as high as the 75 range before settling in the low 70s on the news that two lenders brought forth a motion to have Wolin recuse himself. The lenders, Kensington International Limited and Springfield Associates , filed an appeal with the Third Circuit Court, claiming that two court-appointed consultants have a conflict of interest. Judge Wolin has an oversight role on large asbestos credits, including USG Corp ., Federal-Mogul Corp ., Owens Corning, Armstrong Holding s and W.R. Grace & Co . (LMW, 11/10). Calls to an Owens Corning spokesman were not returned by press time.