Manville’s Reorganization Plan Clears a Hurdle
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A federal judge upheld the last outstanding aspect of Manville’s massive reorganization plan and denied an appeal by common shareholders, who claimed they were inadequately represented during bankruptcy proceedings. The Denver-based building and forest products company filed for protection under Chapter 11 of the bankruptcy code in 1982 because it was facing thousands of asbestos injury suits. The reorganization plan provides for a $2.5-billion fund to pay for asbestos victims’ claims.
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