LAWSUITS NEWS & LEGAL INFORMATION
Asbestos Bankruptcy
This is a settlement for the Asbestos Mesothelioma lawsuit.
Vienna, Austria: (Sep-26-07) A US Bankruptcy Court gave the go ahead to RHI AG, a maker of fireproof materials, regarding a reorganization plan for the Austrian company's four former US subsidiaries. Sources claim that the move could lead to a compensation payment of $40 million to RHI by the end of 2007. Following legal claims by former employees for exposure to asbestos, RHI placed its US subsidiaries NARCO, Harbison-Walker, AP Green, and GIT under Chapter 11 bankruptcy proceedings and deconsolidated the units in 2001. In 2004, RHI reached a settlement with the four companies and their previous owners, Honeywell International Inc. and Halliburton Co., to pave the way for a reorganization of the units and settle outstanding liabilities.
Under this recent settlement, Honeywell International was to pay RHI $40 million after completion of former unit NARCO's Chapter 11 proceedings. However, objections to the reorganization plan from creditors have prolonged the bankruptcy proceedings. Court documents show that the Bankruptcy Court ruled against these objections on Sept. 24, 2007, potentially allowing the settlement deal to go ahead. Company officials stated that for the court order to be finalized, it must now be affirmed by the US District Court, after which RHI and its former subsidiaries will be permanently protected against remaining asbestos claims against the units. [FORBES: ASBESTOS BANKRUPTCY]
Published on Sep-28-07
Under this recent settlement, Honeywell International was to pay RHI $40 million after completion of former unit NARCO's Chapter 11 proceedings. However, objections to the reorganization plan from creditors have prolonged the bankruptcy proceedings. Court documents show that the Bankruptcy Court ruled against these objections on Sept. 24, 2007, potentially allowing the settlement deal to go ahead. Company officials stated that for the court order to be finalized, it must now be affirmed by the US District Court, after which RHI and its former subsidiaries will be permanently protected against remaining asbestos claims against the units. [FORBES: ASBESTOS BANKRUPTCY]
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