November 02, 2018
We designed, negotiated, and implemented a prepackaged plan of reorganization under which the client contributed its insurance rights and proceeds to a trust to pay asbestos claims and the client’s asbestos-related bodily injury liabilities were discharged. We settled more than a quarter of a billion dollars of insurance coverage to fund the trust, and subsequently settled the remaining coverage that had been transferred to the trust. Our client emerged from the reorganization case free of asbestos liabilities and today is a successful and growing company.