ACandS To Seek Approval Of $449M Asbestos Deal

Law360, New York (July 18, 2007, 12:00 AM EDT) -- Troubled insulation contractor ACandS Inc. has received the chance to convince a bankruptcy court to approve a $449 million asbestos-related settlement and buyback agreement with its insurance company, Travelers Cos.

ACandS' counsel, Pachulski Stang Ziehl Young Jones & Weintraub LLP, said on Monday that the Delaware Bankruptcy Court had decided to hear the company's motion on Aug. 28.

The settlement comes after almost five years of negotiations in bankruptcy court and more than 25 years of litigation in civil court over ACandS' asbestos liability claims and...
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