Pfizer Offers Quigley Beer Building for Asbestos Claims

Quoted from http://www.businessweek.com/news/2011-04-07/pfizer-offers-quigley-beer-building-for-asbestos-claims.html

Pfizer Offers Quigley Beer Building for Asbestos Claims

By Tiffany Kary

 

April 7 (Bloomberg) — Pfizer Inc., the world’s largest drugmaker, will contribute assets including a 281,581-square- foot building leased to a brewery to help its bankrupt, non- operating Quigley unit pay asbestos claims.

Quigley’s sixth outline of a plan to reorganize, filed in U.S. Bankruptcy Court in Manhattan yesterday, also would require Pfizer to forgive a secured claim of $86 million, a bankruptcy loan of $12.6 million and unsecured claims of $33 million. The drugmaker would also contribute $81 million in insurance proceeds, according to court papers.

“Pfizer will pay $42 million to acquire a commercial property consisting of an approximately 281,581 square foot building on approximately 12 acres of land,” according to court papers. The building is leased to a distributor for “a leading brewery company,” the filing said.

The lease will produce net income of $1.9 million for the first year of the lease, with the amount increasing over time, the papers said. The location of the building and name of the beer company aren’t specified.

[Article continues at original source]

Comments

  1. retire steelworker ork in the B.O.F. in1968 retire in 2000 i have asbestoes married for 52yrs four childern i been sufring with breathing problems for long time. what are these lawyers &judjes waiting for all of us to die, so they can keep more money in there pockets!i have to say greed is still alive kicking in the good old usa. dont forget the big companies are still giving does big stuf white enevolpes to thoes judjes.thank you sonny ferrara p/s for give my speeling

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