USG Corp. shareholders approved a recapitalization and...

USG Corp. shareholders approved a recapitalization and restructuring plan that increases the company’s debt fourfold--the result of its success in fending off a takeover bid from Desert Partners L.P. In a statement, the Chicago-based company said only that the plan gained approval from a majority of the outstanding 51.9 million shares. The restructuring plan will send the company’s debt load to $3.1 billion from $800 million. Under the plan, shareholders will be entitled to $37 in cash, $5 in securities and one new share of common stock for each common share they currently own.