Halliburton's DII Industries, KBR units emerge from Chapter 11

By Jeff Pines

Washington, Jan. 3 - Halliburton Co. said its DII Industries, Kellogg Brown & Root, and other subsidiaries that were in bankruptcy over asbestos claims have emerged with a final non-appealable settlement.

The settlement, which will result in $1.5 billion in cash going to resolve the claims, involves more than 100 solvent and insolvent London-based insurers, 50 domestic insurers and other companies which DII Industries shares insurance coverage with, the company has previously said.

"The asbestos chapter in Halliburton's history is closed," said Dave Lesar, Halliburton's chairman, president and chief executive officer, in a news release.

Halliburton said it anticipates funding the trusts for current and future asbestos and silica claimants by the end of the month.

Houston-based Halliburton provides products and services to the petroleum and energy industries.

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