Quoted from http://www.bloomberg.com/news/2011-03-22/pfizer-reaches-asbestos-settlement-that-may-end-quigley-unit-s-bankruptcy.html
Pfizer, Quigley Seek Court Approval of Asbestos Settlement
By Tiffany Kary – Mar 22, 2011 4:24 PM ET
Pfizer Inc. (PFE), the world’s largest drugmaker, reached a settlement with asbestos claimants that may bring an end to its Quigley unit’s seven-year-old bankruptcy case.
U.S. Bankruptcy Judge Stuart Bernstein refused to allow Quigley to exit Chapter 11 court protection in September, saying Pfizer had manipulated the bankruptcy process to benefit itself. Pfizer and a committee of asbestos claimants entered into an agreement on March 20 that may resolve their dispute over claims, according to court papers filed yesterday in Manhattan.
The accord “resolves the legal and equitable issues that existed under that plan, including enhancing distributions for current claimants and future demand holders, improving reorganized Quigley’s long-term feasibility, and rectifying concerns regarding good faith,” lawyers for Quigley wrote.
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