Judge OKs asbestos settlement (Halliburton)

[Khephra]

Halliburton says way clear for units to exit bankruptcy
By NELSON ANTOSH
Copyright 2004 Houston Chronicle

An order signed Monday by a federal bankruptcy judge in Pennsylvania clears the way for Halliburton's KBR unit to emerge from bankruptcy by year's end, according to the Houston company.

Judge Judith Fitzgerald of Pittsburgh approved a more than $1.5 billion agreement with the insurance companies, including a group that was appealing. Once that order becomes final, in 10 days or less, those appeals will be dismissed.

Last December its KBR, DII Industries and other business units that were swamped by asbestos insurance claims filed for prepackaged Chapter 11 bankruptcy protection. The money from insurers is a big part of the $4.8 billion plan that won court approval in July.

"As final settlement agreements have been reached, we are delighted to bring closure to this issue," Halliburton Chairman, President and Chief Executive Officer Dave Lesar wrote in a prepared statement. He described the order as a concluding step in ridding Halliburton of asbestos and silica liabilities.

http://www.chron.com/cs/CDA/ssistory.mpl/business/2924304