Halliburton says settlement reached on asbestos, silica claims

By Jeff Pines

Washington, Nov. 30 - Halliburton, parent to DII Industries and Kellog Brown & Root, said a judge with the U.S. Bankruptcy Court for the District of Delaware issued orders approving a final settlement resolving asbestos and silica claims against the Halliburton subsidiaries.

The settlement, which will result in $1.5 billion in cash going to resolve the claims and enable the companies' to emerge from Chapter 11, involves more than 100 solvent and insolvent London-based insurers, 50 domestic insurers and other companies which DII Industries shares insurance coverage with.

Two of the settlement agreements involve matters relevant to Harbison-Walker Refractories Co. and Federal-Mogul Products Inc., both debtors in their own bankruptcy proceedings, and the bankruptcy courts in those proceedings also have entered orders approving these settlements.

Halliburton expects the bankruptcy cases to be resolved by Dec. 31.

Halliburton is a Houston-based energy services and construction company.

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