X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
A judge has approved a settlement between Halliburton Co. and its insurance companies, clearing the way to end a nearly yearlong asbestos bankruptcy case for some of the conglomerate’s subsidiaries. Judge Judith Fitzgerald, a visiting judge in the U.S. Bankruptcy Court for the District of Delaware in Wilmington, on Monday approved a $1.5 billion settlement. In July, Fitzgerald and Judge Terrence F. McVerry, U.S. District Court Judge for the Western District of Pennsylvania in Pittsburgh, approved a reorganization plan for Halliburton subsidiaries that included KBR and DII Industries. But certain insurance companies then appealed that decision. The reorganization plan includes a $4.8 billion settlement of asbestos claims against KBR, DII and other Halliburton units. The insurance companies objected to the plan in part because they’d be on the hook to Halliburton for part of the settlement. Those insurers have been in talks with Halliburton since July and finally agreed to pay $1.5 billion. Halliburton’s $4.8 billion asbestos settlement is made up of $2.8 billion in cash and 59.5 million Halliburton shares. Halliburton has said it would turn to its insurers to cover part of the cash payment. Now that they’ve settled, the insurers are expected to withdraw their appeals any day, said Jeffrey Rich of Kirkpatrick & Lockhart, bankruptcy counsel to the Halliburton units. The reorganization plan takes effect in about 30 days after the insurers withdraw their appeals. Halliburton put the KBR and DII units in Chapter 11 on Dec. 16, 2003, to settle all asbestos litigation and place a cap on future asbestos claims. Copyright �2004 TDD, LLC. All rights reserved.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Advance® Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]

 
Reprints & Licensing
Mentioned in a Law.com story?

License our industry-leading legal content to extend your thought leadership and build your brand.

 

ALM Legal Publication Newsletters

Sign Up Today and Never Miss Another Story.

As part of your digital membership, you can sign up for an unlimited number of a wide range of complimentary newsletters. Visit your My Account page to make your selections. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.