Bankruptcy Judge Approves Budd’s Asbestos Cost-Sharing Agreement With Insurers

(June 23, 2016, 2:35 PM EDT) -- CHICAGO — The $6.2 million that Chapter 11 debtor The Budd Co. Inc. will pay for the defense and indemnification of asbestos personal injury claims under a cost-sharing agreement with several insurance companies is “fair and reasonable consideration” for the release of claims against Budd and the protection from asbestos claims in the debtor’s reorganization plan, an Illinois federal judge ruled June 1 in approving the agreement (In re: The Budd Company, Inc., No. 14-11873, N.D. Ill. Bkcy.).

(Order available. Document #48-160624-017R.)

Cost Sharing

Under Budd’s...
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