Pittsburgh Corning Insurers Can't Nix Ch. 11 Asbestos Plan
Law360, New York (October 1, 2014, 5:52 PM EDT) -- A Pennsylvania federal judge on Tuesday upheld a Chapter 11 plan ending Pittsburgh Corning Corp.'s 14-year bankruptcy, finding that the "insurance neutral" reorganization won't hamstring two Everest Re Group Ltd. carriers in related asbestos coverage litigation.
U.S. District Judge Joy Flowers Conti stood behind a bankruptcy court's determination that Mt. McKinley Insurance Co. and Everest Reinsurance Co. lacked standing to contest the plan because their legal, equitable and contractual insurance policy rights would be unaffected.
The plan, approved in May 2013, creates a $3 billion compensation trust under Bankruptcy Code Section 524(g) and channels all current and future personal injury claims...
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