GIT Asks Supreme Court To Weigh Ch. 11 Challenge

Law360, New York (September 15, 2011, 6:51 PM EDT) -- Global Industries Technologies Inc. last month asked the U.S. Supreme Court to rule on whether its insurers were entitled to challenge the handling of asbestos- and silica-related claims in its bankruptcy plan, following a precedential ruling by the Third Circuit.

In a petition lodged Aug. 31, GIT argued that the insurers lacked standing to object to its attempts to channel the claims through special trusts funded by insurance settlements and the rights to the proceeds of GIT’s insurance policies.

GIT is the parent of two manufacturers...
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