USG takes asbestos resolution step

By
Published: Friday, 17 February 2006

2 February 2006
US Gypsum (USG), the global gypsum and plasterboard company, has made a significant step forward in the resolution of asbestos claims against it, which caused the group to go into Chapter 11 bankruptcy protection in 2001. 

The move will see USG create and fund a trust established under Section 524(g) of the bankruptcy code for asbestos personal injury claims. Initially, after the plan becomes effective, the trust will be funded with $900m. in cash and a contingent note for another $3,050m.   All present...

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