1. فيومي

    فيومي عضو جديد

    التسجيل:
    ‏28 سبتمبر 2001
    المشاركات:
    140
    عدد الإعجابات:
    0
    مكان الإقامة:
    السعوديه
    DALLAS, Feb 14, 2002 /PRNewswire-FirstCall via COMTEX/ -- Halliburton Company
    (NYSE: HAL) today announced that a U.S. Bankruptcy Court has issued a temporary
    restraining order staying more than 200,000 pending asbestos claims against its
    subsidiary Dresser Industries, Inc. The ruling came in connection with today's
    filing of a voluntary petition for reorganization under Chapter 11 of the U.S.
    Bankruptcy Code by Harbison-Walker Refractories Company.

    Harbison-Walker, which faces a large number of asbestos-related claims, said it
    would seek to reorganize its finances in Chapter 11 aided by a trust responsible
    for resolving all pending and future asbestos-related claims asserted against
    it. The stay is temporary until the bankruptcy court holds a hearing, which is
    expected during the next two weeks.

    The stayed claims represent a majority of the pending asbestos claims against
    all Halliburton Company subsidiaries. Approximately 132,000 of the stayed claims
    are refractory claims that Harbison-Walker agreed to be responsible for when it
    was spun-off from Dresser Industries in 1992.

    The balance of the stayed claims are pre-1992 refractory claims and other
    asbestos claims against Dresser Industries that are covered in whole or in part
    by the same insurance coverage.

    Chief Judge Judith Fitzgerald of the U.S. Bankruptcy Court, Western District of
    Pennsylvania, issued the order at the request of Harbison-Walker in the interest
    of protecting a significant asset of the bankrupt company, namely, the insurance
    held by Dresser Industries to cover the asbestos-related liabilities associated
    with Harbison-Walker. In its filing, Harbison-Walker informed the bankruptcy
    court that it, its parent RHI Refractories Holding Company, and Dresser
    Industries have agreed to work cooperatively in an attempt to utilize the
    special provisions of Sections 524(g) and 105 of the Bankruptcy Code to propose
    and have confirmed a plan of reorganization that will provide for distributions
    to the legitimate asbestos claimants. If such a plan of reorganization were
    approved, all pending and future Harbison- Walker-related lawsuits against the
    debtor and Dresser Industries would be channeled to a Section 524(g)/105 trust
    for resolution and payment. The U.S. Bankruptcy Code allows the creation of such
    a trust provided seventy-five percent of asbestos plaintiffs approve its
    creation.

    The bankruptcy court also will be asked to approve $35 million in debtor-
    in-protection (DIP) financing by Dresser Industries to Harbison-Walker so that
    Harbison-Walker can continue operations during the pendency of the Chapter 11
    proceeding and emerge from bankruptcy as a viable company. Dresser Industries
    also agreed to pay $40 million to RHI Refractories Holding Company to facilitate
    the Chapter 11 filing. Dresser Industries will pay RHI an additional $35 million
    if an acceptable plan of reorganization is filed with the bankruptcy court and
    another $85 million if an acceptable plan and trust are ultimately approved and
    confirmed by the court.

    In 1992 Dresser Industries spun-off its Harbison-Walker operations and certain
    other operations to its shareholders in the form of the stock of INDRESCO, Inc.
    As part of that spin-off, INDRESCO, which subsequently changed its name to
    Harbison-Walker, contractually assumed responsibility for all of the
    asbestos-related claims associated with the Harbison-Walker business filed after
    the spin-off. Harbison-Walker also agreed to indemnify Dresser Industries
    against all costs associated with post spin-off claim.

    Dresser Industries granted Harbison-Walker access to its insurance policies to
    pay defense and settlement costs. Even though Dresser Industries and
    Harbison-Walker have accessed that insurance for almost a decade since the
    spin-off, as of today's bankruptcy filing by Harbison-Walker, the available
    products liability limits of that insurance is approximately $2.1 billion. Since
    December 31, 1999, Harbison-Walker (which is a wholly owned subsidiary of Global
    Industrial Technologies, Inc.) has been part of the United States operations of
    Austrian-based RHI AG.

    Global, its subsidiary A.P. Green Industries Inc. and North American
    Refractories Company (NARCO), another subsidiary of RHI Refractories Holding
    Company, also have filed for protection under Chapter 11 in the same court --
    NARCO on January 4, 2002, and Global and A.P. Green on February 14, 2002.

    Halliburton, founded in 1919, is one of the world's largest providers of
    products and services to the petroleum and energy industries. The company serves
    its customers with a broad range of products and services through its Energy
    Services Group and Engineering and Construction Group business segments. The
    company's World Wide Web site can be accessed at www.halliburton.com .


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