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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Date of Report (Date of earliest event reported):
October 5, 2000
BUILDING MATERIALS CORPORATION OF AMERICA
(Exact name of registrant as specified in its charter)
DELAWARE 33-81808 22-3276290
(State or other jurisdiction (Commission File (IRS Employer Identification
of incorporation) Number) Number)
1361 Alps Road, Wayne, New Jersey 07470
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (973) 628-3000
See table of additional registrants
ADDITIONAL REGISTRANTS
Address, including zip
code and telephone
State or other number, including area
jurisdiction of code, of registrant's
Exact name of registrant incorporation or Registration No./I.R.S. principal executive
as specified in its charter organization Employer Identification No. offices
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Building Materials
Manufacturing Corporation Delaware 333-69749-01/ 1361 Alps Road
22-3626208 Wayne, NJ 07470
(973) 628-3000
Building Materials
Investment Corporation Delaware 333-69749-02/ 300 Delaware Avenue
22-3626206 Wilmington, DE 19801
(302) 427-5960
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Item 5. Other Events
On October 5, 2000, Owens Corning announced that it has filed
for reorganization under Chapter 11 of the U. S. Bankruptcy Code. GAF
Corporation ("GAF"), a parent of Building Materials Corporation of America (the
"Company"), has advised the Company that the filing by Owens Corning for
protection from creditors under the federal bankruptcy laws could increase by a
substantial factor the financial burden on the remaining asbestos defendants in
the tort system, including GAF, and thus is a significant adverse event
affecting GAF's asbestos-related litigation. GAF has stated that the Owens
Corning filing is further evidence of how the recent trends in the asbestos
litigation environment, including the significant increases in the rate of new
asbestos claims, principally involving claimants without any asbestos-related
impairment, and of amounts demanded to settle those claims, have negatively
impacted asbestos defendants. For more information on these trends, see Note 4
to Consolidated Financial Statements in the Company's quarterly report on Form
10-Q for the quarter ended July 2, 2000. GAF also has advised that, in light of
the Owens Corning filing, it is reevaluating its asbestos situation. In
addition, the reduction in the Company's cash flow, which has been caused by
increased energy and raw material costs that the Company has been unable to
recapture fully in price adjustments, has limited the amount of funds available
for distribution to GAF to satisfy GAF's obligations, including its
asbestos-related claims and liabilities. GAF has confirmed its commitment to
effecting a comprehensive resolution to the national asbestos litigation crisis
by actively supporting the proposed legislation currently pending in Congress.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrants have duly caused this report to be signed on their behalf
by the undersigned, thereunto duly authorized.
BUILDING MATERIALS CORPORATION OF AMERICA
BUILDING MATERIALS MANUFACTURING CORPORATION
BUILDING MATERIALS INVESTMENT CORPORATION
Date: October 6, 2000 By: /s/ Richard A. Weinberg
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Name: Richard A. Weinberg
Title: Executive Vice President,
General Counsel and Secretary
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