Exhibit 99
                                                                     ----------
Owens Corning World Headquarters
One Owens Corning Parkway
Toledo, OHIO 43659
419.248.8000

Contact: Steve Krull
         Vice President, Corp. Communications
         419/248-8650

OWENS CORNING NOTIFIED BY NYSE THAT ITS STOCK COULD BE DELISTED

TOLEDO,  Ohio, Dec. 9, 2002 - Owens Corning (NYSE:  OWC) announced today that it
has been notified by the New York Stock  Exchange  (NYSE) that its listed common
stock has fallen below the NYSE continued listing criteria  requiring an average
closing price of not less than $1 over a consecutive 30 trading-day  period. The
NYSE also noted that the  company is close to  falling  below  another  criteria
requiring an average market  capitalization  of not less than $50 million over a
30 trading-day period and stockholders' equity of not less than $50 million.

While the NYSE has  procedures  allowing  such  deficiencies  to be cured within
prescribed  time  periods,  the company  has  advised the NYSE that,  due to the
uncertainties associated with the ultimate schedule and outcome of the company's
Chapter 11 proceedings,  the company is unable at this time to propose a plan to
cure the referenced  existing and pending  deficiencies  within the time periods
allowed by the NYSE's rules. As a result,  the company's  common stock ($.10 par
value) is subject to the NYSE's  suspension  and  delisting  procedures.  In the
event that the  company's  common  stock is  delisted  by the NYSE,  the company
believes that alternative trading venues, such as the  over-the-counter  market,
may be available for its common stock.

Owens  Corning is a world  leader in building  materials  systems and  composite
systems.  Founded in 1938,  the  company  had sales of $4.8  billion in 2001 and
employs  approximately  19,000  people  worldwide.   Additional  information  is
available on Owens Corning's Web site at  www.owenscorning.com or by calling the
company's toll-free General Information line: 1-800-GETPINK.

This news  release  contains  forward-looking  statements  within the meaning of
Section 27A of the  Securities  Act of 1933, as amended,  and Section 21E of the
Securities Exchange Act of 1934, as amended.  These  forward-looking  statements
are subject to risks and uncertainties that could cause actual results to differ
materially  from those  projected in these  statements.  Further  information on
factors that could affect the company's  financial and other results is included
in the company's  Forms 10-Q and 10-K,  filed with the  Securities  and Exchange
Commission.