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Swiss Engineering Services Group ABB Ltd. Seeks Solution to Asbestos Exposure Dec 02
Standard & Poors, Dec 2002
Abstract
FRANKFURT (Standard & Poor's) Dec. 23, 2002--Hopes by Switzerland-based engineering services group ABB Ltd. (ABB; BBB-/Watch Neg/A-3) for a legal solution to cap its exposure to asbestos litigation rest on further progress in its negotiations currently underway with the representatives of plaintiffs, Standard & Poor's Ratings Services said in a report published today. The ABB group appears determined to reorganize its U.S. subsidiary Combustion Engineering (CE) under Chapter 11 of the U.S. Bankruptcy Code, preferably in a 'prepackaged' proceeding. As envisioned by ABB, a 'channeling trust' would be established under procedures set forth in the U.S. Bankruptcy Code, to which current and future asbestos-related claims would be directed. According to ABB, the trust would be capitalized with an amount sufficient...
Companies mentioned in this report are: ABB Ltd.
Action: S&P Event
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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