Honeywell International Inc. won court approval to make a $1.3 billion final payment that ends evergreen financing obligations to an asbestos injury trust established in the Chapter 11 bankruptcy of a former affiliate.
Judge Thomas P. Agresti of the US Bankruptcy Court for the Western District of Pennsylvania issued a 93-page opinion Thursday approving the settlement between Honeywell and the North American Refractories Asbestos Personal Injury Settlement Trust.
The deal brings to an end prolonged legal disputes between Honeywell and the Narco Trust over the trust’s operations and process for evaluating asbestos exposure claims. Agresti observed that the trust funding ...
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