Pfizer Wins Approval Of Unit's $265M Asbestos Deal

Law360, New York (April 8, 2011, 7:00 PM EDT) -- A New York bankruptcy court on Thursday approved a $265 million agreement to end Pfizer Inc. subsidiary Quigley Co. Inc.'s nearly seven-year-old Chapter 11 case, with the money from the pact going to a trust for asbestos claimants.

Judge Stuart M. Bernstein of the U.S. Bankruptcy Court for the Southern District of New York rubber-stamped the deal struck between Pfizer and an ad hoc committee of tort victims, pushing the once-stalled case closer to completion.

Under the agreement, Pfizer will contribute $264.9 million in cash and...
To view the full article, register now.