Plan Gives Trust Too Much Power: ACandS Creditor

Law360, New York (February 20, 2008, 12:00 AM EST) -- Arguing that a current incarnation of bankrupt insulation-maker ACandS Inc.'s reorganization plan would allow asbestos plaintiffs to play with the tort system, creditor Owens-Illinois Inc. on Tuesday asked the court to reject the plan as currently written.

The glass manufacturer filed an objection to ACandS' plan in the U.S. Bankruptcy Court for the District of Delaware, contending that “the manner in which this court resolves the plan will have a profound effect on the future course of asbestos litigation in this country.”

Owens-Illinois took issue with...
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.