COMPLIANCE INFO_1974- 1984 - Laserfiche WebLink

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t 0 in oanxruptcy court over us ►eu►- tu—sc„►ua u, ,awe La ,,,amu ganization, made public today against it by people claiming Che broad outline of a proposal to Manville is responsible for health spin off its non -asbestos opera- problems linked to asbestos. tions into a separate company. The company said it has cost Last Aug. 26, the Denver-based an average of $40,000 to settle company filed for court protec- each claim so far. Expecting an tion from its creditors and from eventual total of some 48,500 lawsuits claiming health dam- suits, Manville estimated the ages from asbestos produced by asbestos cases could cost it $1.9 Manville. billion Jay the end of the century The firm sold its Stockton pipe- and {�o,sibly 21rive it out of busi- making plant, and seven others, ness.. to JM A/C Pipe Corp. at the end of last year. Manville said today, it would The plan disclosed today was ask the court for a 90 -day exten- wn up by Manville and is sion of the May 23 deadline it ` nded as a last-ditch=alterna- faces for formally submitting a e in case the company cannot reorganization plan to the court. peach agreement with its. rg . Manville previously had been fors on a negotiatedplan;,d>,igranted three separate exten- Curtis Linke, vice president of eons= l _ ;� nville corporate relations. MaOille Bait would formally Unlike most bankruptcy court file the plan` unveiled today "in c uses, Manville is not a money- the near future" if negotiations i lasing company. Instead, it filed on a consensual plan "are not x ` f( -r court protection under successful in the reasonably near t;?ianter 11 of the U.S. Ban- future." Linke said the company v,IU1 ,L tc, uto v■ u,a. , vv, guu,,.u- tion plan made public today, Manville would transfer assets of its non -asbestos businesses to a nemcompany. The new company would be obligated to give the old Manville companies a portion of its earnings. Those earnings would, in turn, be used to help pay settlements of the asbestos lawsuits. The plan would be putto.,a vote of Manville's creditors` ziuding the asbestos -health cla&,n4rits, if a negotiated plan is not agreed on, Manville said. Manville mines asbestos in Canada and Mexico and sells it to other manufacturers for use in such products as brake linings and architectural panels. Asbes- tos�s a �S : mineral widely used as 'a fire=retardant insula- tion in industrial applications. Exposure to asbestos has been linked to lung diseases, including asbestosis.