8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington D.C., 20549

Form 8-K

Current Report

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date Of Report (Date Of Earliest Event Reported): 10/31/2006

Owens Corning

(Formerly known as Owens Corning (Reorganized) Inc.)

(Exact Name of Registrant as Specified in its Charter)

Commission File Number: 1-33100

DE	43-2109021
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

One Owens Corning Parkway, Toledo, OH 43659

(Address of Principal Executive Offices, Including Zip Code)

419-248-8000

(Registrant’s Telephone Number, Including Area Code)

Owens Corning (Reorganized) Inc.

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Items to be Included in this Report

Item 8.01. Other Events.

As previously disclosed, on October 5, 2000, Owens Corning (now known as Owens Corning Sales Inc.) and certain of its United States subsidiaries (collectively, the “Debtors”) filed voluntary petitions with the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) seeking relief under Chapter 11 of the United States Bankruptcy Code.

Also as previously reported, the Bankruptcy Court entered an order confirming the Sixth Amended Joint Plan Of Reorganization For Owens Corning And Its Affiliated Debtors And Debtors-In-Possession (as Modified) on September 26, 2006 (as confirmed, the “Confirmed Plan”) and the United States District Court for the District of Delaware entered an order affirming the Bankruptcy Court’s order on September 28, 2006.

On October 31, 2006, the ultimate parent company of each of the Debtors, Owens Corning (formerly Owens Corning (Reorganized) Inc.), issued a press release announcing that the Confirmed Plan became effective on October 31, 2006. The press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
99.1	Press release dated October 31, 2006.

SIGNATURE

Pursuant to the Requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the Undersigned hereunto duly authorized.

	Owens Corning
	(Formerly Owens Corning (Reorganized) Inc.)
Date: October 31, 2006	By:	/s/ Rodney A. Nowland
		Rodney A. Nowland
		Assistant Secretary

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press release dated October 31, 2006.

EX-99.1

Exhibit 99.1

Owens Corning Emerges From Chapter 11

Emerges in Strong Operational and Financial Position;

Begins Payment to Asbestos Claimants and Creditors

TOLEDO, Ohio, Oct. 31 /PRNewswire-FirstCall/ — Owens Corning (OTC: OWENQ.OB) (BULLETIN BOARD: OWENQ.OB) (NYSE: OC-WI) announced that its Plan of Reorganization became effective today, marking the company’s emergence from Chapter 11.

“This is an exciting day for Owens Corning,” said Dave Brown, president and chief executive officer. “We have met the commitments that we made to our creditors and asbestos claimants at the start of this process. We are grateful for the loyalty of our customers and suppliers, the support of our communities, and the hard work and dedication of Owens Corning’s employees; we couldn’t have done it without them.”

Owens Corning’s Plan of Reorganization is the result of an agreement the company reached in May with key creditors groups. Owens Corning’s creditors and shareholders, including asbestos, bondholder and trade creditor classes, as well as bank debt holders, overwhelmingly supported this plan. Owens Corning will immediately begin the process of making distributions to its financial creditors and to a 524(g) trust that will forever resolve the company’s current and future asbestos liability. The full Plan of Reorganization and related Disclosure Statement are available at http://www.ocplan.com/.

“We are emerging from Chapter 11 in a strong operational and financial position,” said Mr. Brown. “During the past six years, we have continued to grow our businesses around the world and have strengthened our financial performance. We are pleased to be emerging as an investment-grade company.”

Owens Corning’s exit financing will come from a combination of new equity and new debt financing.

About Owens Corning

Owens Corning is a world leader in building materials systems and composite solutions. A Fortune 500 company for more than 50 years, Owens Corning people redefine what is possible each day to deliver high-quality products and services ranging from insulation, roofing, siding and stone, to glass composite materials used in transportation, electronics, telecommunications and other high-performance applications. Since the company’s founding in 1938, Owens Corning has become a market-leading innovator of glass fiber technology with sales of $6.3 billion in 2005 and 20,000 employees in 26 countries. Additional information is available at http://www.owenscorning.com/.

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.

SOURCE: Owens Corning

CONTACT: Media, Jason Saragian, +1-419-248-8987, or Investors, Scott

Deitz, +1-419-248-8935, both of Owens Corning

Web site: http://www.owenscorning.com/

http://www.ocplan.com/

Company News On-Call: http://www.prnewswire.com/comp/677350.html