- Language: English
- Published: May 2015
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.
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.