Pact on damages
Oil field services company Halliburton Co, once headed by us Vice President Dick Cheney, has reached an agreement by which it could settle all its present and future claims of individuals affected by asbestos. Once the agreement is approved, the company will have to put up 59.5 million shares, us $2.775 billion in cash and us $100 million in notes.
The settlement was worked out with attorneys representing more than 75 per cent of the current claimants. Lawyers believe that the agreement will work out well for both Halliburton and the claimants, although some victims who have not yet filed claims plan to raise objections because their recoveries could get reduced.
Halliburton subsidiaries dii Industries and Kellogg Brown & Root Inc, along with their own subsidiaries, would file for a pre-packaged bankruptcy deal, retaining the rights to the first us $2.3 billion of any insurance proceeds.