Philips Unit Eyes Ch.11 Prepack For Asbestos Claims

Law360 (September 26, 2008, 12:00 AM EDT) -- Koninklijke Philips Electronics NV’s U.S. unit, T.H. Agriculture and Nutrition LLC, has taken steps to resolve several thousand pending asbestos-related cases and all future asbestos-related litigation through a prepackaged reorganization plan.

Under the proposed bankruptcy plan, all of the current and future asbestos-related claims will be channeled to a trust containing an agreed upon amount for the claimants.

THAN and its parent company Philips Electronics North America are currently embroiled in some 5,500 lawsuits filed on behalf of 14,000 individuals claiming harm from asbestos THAN delivered...
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