U.S. Bankruptcy Court Ruling a Positive Sign for ABB Ltd.'s Asbestos Plan Jun 03
- ID: 2041381
- June 2003
- Region: United States
- Standard & Poors
On Feb. 17, 2003, U.S.-based Combustion Engineering (CE), which is at the center of asbestos-related litigation against Swiss engineering group ABB Ltd. (BB+/Negative/B), filed a petition under Chapter 11 of the U.S. Bankruptcy Code with the U.S. Bankruptcy Court (the Court) in Wilmington, Delaware. At the same time, CE presented a prepackaged plan of reorganization (the Plan) to the court. The Plan, with some subsequent modifications, is the cornerstone of ABB's strategy to end asbestos litigation in the U.S. against the group and some related entities. On June 23, 2003, the Court said it would recommend confirmation of the Plan to the U.S. District Court provided that two specific issues that had met with plaintiffs' objections can be resolved. At...
Companies mentioned in this report are: ABB Ltd.
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