Porter Hayden To Emerge From Chapter 11

Law360, New York (July 7, 2006, 12:00 AM EDT) -- The federal bankruptcy court and the U.S. District Court in Maryland have both approved Porter Hayden Company’s Chapter 11 plan, giving the Baltimore-based company the green light to emerge from bankruptcy more than four years after it was driven into Chapter 11 by asbestos-related personal injury claims.

U.S. Bankruptcy Judge E. Stephen Derby and District Court Judge Andre Davis signed off on the restructuring plan after a joint hearing. Such a hearing is a rare occurrence, according to Paul Nussbaum, who represents Porter Hayden in the...
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