Halliburton Unit in Deal on Stay for Claims
From Reuters
Halliburton Co. said it would ask for two more months to resolve more than 200,000 asbestos claims as Congress addresses a plan that could save the oil services company billions of dollars in settlement costs.
The Houston company said its DII Industries unit and a separate company, Harbison-Walker Refractories Co., reached an agreement with lawyers representing asbestos victims whereby a stay on their claims would be extended until Sept 30.
As part of the agreement, Halliburton must file for pre-packaged Chapter 11 bankruptcy protection for DII, formerly known as Dresser Industries Inc., as well as its global engineering unit, Kellogg Brown & Root, by Sept 30.
