Bankrupt wallboard manufacturer Kaiser Gypsum Co. Inc. has agreed to set aside millions in a trust for asbestos victims and resolve environmental liabilities, under a court-approved Chapter 11 plan.
The amended plan, confirmed Monday by U.S. Bankruptcy Court Judge J. Craig Whitley of the Western District of North Carolina, will implement a 2017 settlement that creates a trust to resolve asbestos personal injury claims.
The asbestos trust will be funded from multiple sources, including $49 million contributed by Kaiser Gypsum, affiliate debtor Hanson Permanente Cement Inc., and non-bankrupt parent Lehigh Hanson Inc.
Lehigh Hanson, a subsidiary of HeidelbergCement AG that ...
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