Equitas settles largest remaining exposure
Equitas said it has settled its largest remaining direct asbestos exposure. The policies of McDermott International subsidiary The Babcock & Wilcox Company, which is undergoing Chapter 11 reorganization, were paid off for $415m (£221m) in trust to a settlement trust account.
The settlement is subject to a number of contingencies, including necessary court approvals, finalconfirmation of the B&W plan of reorganization, and the occurrence of the effective date of the BOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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