Law360 (April 21, 2006, 12:00 AM EDT) -- Another unit of Swiss/Swedish ABB Ltd. has ducked into Chapter 11 bankruptcy protection, seeking sanctuary from the thousands of asbestos claims that continue to haunt the engineering giant and its subsidiaries.
On Friday, ABB Lummus Global Inc., a Houston-based oil and gas unit, filed for Chapter 11, listing assets of $414 million and debts of $553 million.
The move enables ABB Lummus to stay more than 11,000 outstanding lawsuits, which accuse the company of exposing individuals to cancer-causing asbestos during the construction of refineries and chemical plants.
Entering Chapter 11 with a pre-packaged bankruptcy, ABB Lummus has already obtained $120 million...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!