Asbestos Companies Eye Chapter 11 Emergence

Law360, New York (January 30, 2006, 12:00 AM EST) -- Several companies that were crippled by class action lawsuits over cancer-causing asbestos are preparing to emerge from Chapter 11 bankruptcy protection, as attorneys and creditors committees pushed massive settlements toward approval Monday.

The companies include fiberglass manufacturer Owens Corning Corp., construction material maker USG Corp. and Pfizer Inc. subsidiary Quigley Corp.

The asbestos-related bankruptcies of this embattled group—part of a small army of companies besieged by tens of billions of dollars worth of claims—may be nearing turnaround stage.

The recent developments in U.S. bankruptcy courts were...
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