One More ABB Unit Slides Into Chapter 11

By Anne Urda (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...

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