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| ABB to start the process of setting up the trust fund for asbestos claimants A District Court judge in the United States has set the hearing of the revised Plan of Reorganization for Combustion Engineering, an ABB subsidiary in the U.S., for February 28, 2006. Swiss-Swedish engineering company ABB almost went into bankruptcy protection two years ago while facing asbestos lawsuits. If there are no objections during the 30-day appeals period following the February 28 hearing, the plan would then become effective. ABB could then start the process of setting up the Trust Fund for asbestos claimants. No appeals were filed against the Plan of Reorganization before it was confirmed by the U.S. Bankruptcy Court in Pittsburgh, Pennsylvania on December 19, 2005. In September 2005, claimants to a parallel asbestos-related Plan of Reorganization for another U.S. subsidiary, ABB Lummus Global Inc., voted 96 percent in favor of the plan. That plan has not yet been filed with the Bankruptcy Court. write your comments about the article :: © 2006 Construction News :: home page |