The Nation - News from Oct. 30, 1988

Six years of laboring under Chapter 11 bankruptcy ended for the Manville Corp. in Denver as a final order implementing the company’s reorganization plan took effect. Manville filed under Chapter 11 on Aug. 26, 1982, to protect itself against liability for thousands of asbestos-related health claims. Manville will pay more than $2.5 billion into the Manville Personal Injury Settlement Trust during the next 26 years to help settle the claims. Initial funding for the trust will include $615 million from Manville’s insurance companies, $200 million in cash and a note, 24 million newly issued shares of common stock, 24 annual cash payments of $75 million each beginning in 1991 and up to 20% of Manville’s net earnings.