Halliburton Says Agreement Near on Asbestos Settlement Plan
Halliburton Co., Houston, has said it is nearing an agreement in principle to settle the more than 300,000 asbestos-related claims filed against it. Some of those claims involve its construction unit, Kellogg Brown & Root Inc. But in making the announcement on Dec. 11, Halliburton also said the deal isn't wrapped up, and even if it does become final, still would have to be financed and also require approval by the company's board and the courts. But Halliburton did say tentative terms would include up to $2.8 billion in cash payments and as much as 60 million shares of the company's stock.
The company also said that the proposed plan wouldn't include a Halliburton bankruptcy filing. It added that it would keep the rights to the first $2.3 billion of proceeds from insurance and any sums exceeding $3 billion.