Pfizer Unit Scores More Time In Ch. 11 For Asbestos Dealings

Law360, New York (February 22, 2012, 7:18 PM EST) -- A New York bankruptcy judge on Wednesday allowed Pfizer Inc. subsidiary Quigley Co. to stay in Chapter 11 for up to six more months, as the insulation maker continues trying to hammer out a deal with asbestos claimants.

The company, which at one point made asbestos-laden insulation, has been closing in for some time on a reorganization plan. It now has until Aug. 24 to settle the creditor claims and work out a plan before its $65 million debtor-in-possession financing agreement expires.

In a brief hearing,...
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