Manville’s reorganization plan cleared a hurdle.
After an all-day hearing, U.S. Bankruptcy Judge Burton Lifland tentatively ruled that the company’s plan meets legal requirements for confirmation. The judge is to issue a formal ruling and opinion Thursday in New York. Manville was forced into Chapter 11 proceedings in 1982 by thousands of lawsuits alleging health and property damage stemming from its asbestos products. The plan would create a $2.5-billion trust fund for victims.
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