Quoted from //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.
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