Huffy seeks ok for out-of court personal injury claims settlement

By Caroline Salls

Pittsburgh, May 13 - Huffy Corp. asked the U.S. Bankruptcy Court for the Southern District of Ohio to establish procedures allowing it to settle pre-bankruptcy personal injury claims out of court, according to a Friday filing.

The claims settlement will be subject to a $250,000 cap.

Qualified claims will be settled in exchange for up to $5,000 per claim until the cap is reached.

Huffy said settling qualified claims outside of court "will lead to an expeditious and cost-effective settlement of many of the claims."

The company also said the streamlined settlement procedures will allow it to settle many of the claims for significantly less that their current alleged value.

Huffy, a Miamisburg, Ohio-based bicycle and sporting goods company, filed for bankruptcy Oct. 20, 2004. Its Chapter 11 case number is 04-39148.

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