Quigley Seeks Approval Of Trust For Asbestos Claims

Law360, New York (May 24, 2006, 12:00 AM EDT) -- Despite opposition from insurance companies, Pfizer Inc.’s defunct unit Quigley Co. Inc. will ask a bankruptcy court to greenlight its reorganization plan that will establish a trust to pay asbestos-related injury claims to help siphon off the claims from Pfizer.

Under the Chapter 11 plan, Quigley and Pfizer will shell out $645 million for existing and future asbestos-related claims.

The reorganization plan has already won the conditional support of the court-appointed representative for future asbestos claimants. But the plan has drawn fire from insurance companies, which...
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