Budd Seeks Approval Of Asbestos Cost-Sharing Agreement With Insurers
(May 26, 2016, 8:18 AM EDT) -- CHICAGO — Chapter 11 debtor The Budd Co. Inc. sought approval May 10 in Illinois federal bankruptcy court of a cost-sharing agreement with its insurers under which the company will pay $2.7 million to benefit two asbestos personal injury funds proposed in its plan of reorganization (In re: The Budd Company, Inc., No. 14-11873, N.D. Ill. Bkcy.).
(Motion available. Document #48-160527-026M.)
Under Budd’s proposed reorganization plan, which includes a $335 million settlement between the debtor and its parent company, ThyssenKrupp North America, the company...