Submit your claim details for a free, no obligation case review
Get Started:
Swiss engineering firm ABB was surprised when a U.S. court rejected the group''s proposal to settle what could be potentially disastrous asbestos claims. This marks a major setback for the company, and ABB has cancelled an offer to exchange two of its existing bonds for a new fixed rate bond as a result.
ABB was hoping the deal would put to a close the thousands of asbestos claims by former U.S. workers that have been filed through the years by implementing a cap. Though the company says its liquidity position remains strong, analysts worry the asbestos setback affects the liquidity and the threat of additional costs to end the asbestos situation has again moved to the top of ABB''s priority.
It could take months to negotiate a new asbestos plan and resolve issues raised by the U.S. court. The court had objected to including claims relating to two U.S. divisions, Lummus and Basic, in the plan for ABB''s Combustion Engineering unit that was ridden with asbestos. The inhalation of asbestos fibers attaches to lungs, causing potentially deadly lung ailments like lung cancer and mesothelioma.
Copyright © 2001 - 2012 Online Lawyer Source
ATTORNEY ADVERTISEMENT—Thank you for your visit. The content published on this website was not written by medical professionals and should not, at any point, be mistaken for medical advice. Furthermore, the information on this site is intended for educational purposes only and should never interfere with a patient/site visitor and his or her healthcare provider. In addition, viewing the content on this website, requesting additional information, or transmitting information through a contact form should never be considered the formation of an attorney-client relationship. The material published on this site is general and may not apply to your specific circumstances. Every case comes with its own set of unique circumstances; past success discussed on this site does not guarantee future performance. Information found on this website should not be used as incentive to act without seeking counsel from a professional. For more information, please read our disclaimer.