Dissident Quigley Creditors Now Support Ch. 11 Plan
By Lance Duroni
Law360, Chicago (May 15, 2013, 3:47 PM ET) -- Defunct Pfizer Inc. unit Quigley Co. Inc. now has a clearer path to exiting its eight-year bankruptcy after a holdout group of creditors moved Monday to reverse their votes and support the reorganization plan designed to resolve the company’s multibillion-dollar asbestos liability.
The creditors — who assert over $400 million of claims against Quigley stemming from silica dust-related illnesses, as opposed to asbestos — no longer object to the plan after discussions with Pfizer and Quigley reassured them that certain insurance assets would be available to...