ABB said Monday that it has reached an agreement to reorganize Combustion Engineering (CE) and ABB Lummus Global to resolve the asbestos claims against both companies.
The amended agreement requires ABB to contribute an additional $232 million to the trust fund that will pay all outstanding asbestos claims. This contribution will be derived from the sale of ABB Lummus Global assets within two years of the plan’s effective date or by a direct contribution from ABB, the company said in a statement.
“I am pleased that the cooperative efforts of the parties involved have resulted in a commonly agreed proposal for an amended plan in this short period of time,” said Fred Kindle, ABB President and CEO. “This agreement is a vital step towards a final resolution of our asbestos issue.”
ABB said the parties intend to cooperate to produce an amended plan of reorganization expeditiously, with a view to prompt confirmation by the bankruptcy court.
(via ABB)
1 response so far ↓
Dale // Apr 6, 2005 at 3:46 pm
Hi,
I worked in an old 1935 building where the owner/employer remodeled without permits or licensed contractors. During the period I worked there I came down with Paracarditis (swelling of heart lining) & Cancer. I have contacted local officials who don’t care about asbestos and don’t have the means to test for it. I have also contacted EPA and OSHA. OSHA seems stretched thin so I don’t know if they’ll test the building or not. Will the EPA do testing? Are there any other agencies I should contact to see if this moron disturbed asbestos? There are still employees working around the area that was remodeled. Thank you
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