Pfizer To Pay $964M In Quigley's Approved Ch. 11 Plan

By Stewart Bishop (June 26, 2013, 5:21 PM EDT) -- A Manhattan federal judge Wednesday approved a Chapter 11 plan from Pfizer Inc.'s defunct Quigley Co. unit, which will cost the pharmaceutical giant $964 million and is designed to resolve the company's multibillion-dollar asbestos liability.

U.S. Bankruptcy Judge Stuart Bernstein confirmed the reorganization plan from the bench, according to Quigley attorney Michael L. Cook of Schulte Roth & Zabel LLP.

The confirmation came after Judge Bernstein rejected a previous plan nearly three years ago, ruling that Pfizer's $216 million contribution to a trust set up under the plan to handle Quigley's asbestos liability wasn't enough. He also found that Pfizer had...

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