Halliburton announced that the Honorable Judith K. Fitzgerald issued a ruling holding that insurers lack standing to bring motions seeking to dismiss the prepackaged reorganization cases filed by DII Industries, Kellogg Brown & Root (KBR) and various other subsidiaries of Halliburton.
The Texas-based oil services company filed bankruptcy proceedings in December 2003 on behalf of various subsidiaries as part of a plan to settle existing and future asbestos and silica related claims.
The court also denied standing to insurers to object to appointment of Professor Eric Green as legal representative of future claimants, according to Halliburton.
The bankruptcy court has scheduled hearings for May 10-12 to consider confirmation of the prepackaged plan of reorganization being proposed for DII Industries, KBR and other affected subsidiaries. At the same hearing, the court also will be asked to approve the disclosure statement and procedures used in connection with solicitation of votes on the proposed plan.
DII Industries, KBR and other affected subsidiaries filed the Chapter 11 proceedings on Dec. 16, 2003 in bankruptcy court in Pittsburgh, Penn., after receiving validly cast votes in favor of the plan from over 98 percent of those asbestos claimants and 99 percent of those silica claimants who voted on the plan.
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