Pfizer Unit To Exit Ch. 11 With $265M Asbestos Deal

Law360, New York (March 22, 2011, 6:53 PM EDT) -- Pfizer Inc. will pay asbestos claimants nearly $265 million to end its Quigley Co. Inc. subsidiary's 7-year-old Chapter 11 case, according to a motion filed Monday in a New York bankruptcy court.

Quigley filed an expedited motion in the U.S. Bankruptcy Court for the Southern District of New York seeking approval of the settlement, which was struck between Pfizer and an ad hoc committee of tort victims on March 20.

Under the agreement, Pfizer would contribute $264.9 million in cash and all of the stock in...
To view the full article, register now.