Pittsburgh Corning's Ch. 11 Asbestos Plan OK'd After 13 Years

Law360, Chicago (May 17, 2013, 3:30 PM EDT) -- After 13 years in bankruptcy, Pittsburgh Corning Corp. on Thursday won court approval of a reorganization plan designed to resolve the company’s multibillion-dollar asbestos liability, overcoming objections that derailed two prior plans.

In a 139-page opinion, U.S. Bankruptcy Judge Judith K. Fitzgerald found that the Pennsylvania-based building products manufacturer had addressed concerns that the plan could improperly hamper its insurers in coverage litigation.

“The plan is ‘insurance neutral’ and preserves any and all coverage issues for resolution in a nonbankruptcy proceeding, using applicable nonbankruptcy law,” she...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.