Pfizer Settlement Torpedoes Quigley Reorganization Plan

Law360, New York (August 11, 2006, 12:00 AM EDT) -- A subsidiary of drug giant Pfizer Inc. that was driven into bankruptcy by asbestos liabilities was dealt a blow this week when a court decided its proposed reorganization plan didn’t have enough creditor support to move forward.

The subsidiary, Quigley Company Inc., has no other function than to deal with hundreds of thousands of asbestos-related personal injury claims, according to court papers.

U.S. Bankruptcy Judge Stuart Bernstein concluded that since some claimants who had been part of a previous settlement with Pfizer had agreed to reduce...
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