Quigley expects bankruptcy plan to take effect in early fourth quarter

By Caroline Salls

Pittsburgh, Aug. 16 - Quigley Co., Inc. expects to emerge from Chapter 11 bankruptcy early in the fourth quarter, according to a status report filed Friday with the U.S. Bankruptcy Court for the Southern District of New York.

As previously reported, the court confirmed Quigley's fifth amended plan of reorganization on July 2. The confirmation ruling was affirmed by the U.S. District Court for the District of New York on July 30.

According to the filing, Quigley is prepared to satisfy a plan effectiveness condition that requires delivery of a legal opinion that the asbestos personal injury trust to be established under the plan is a "qualified settlement fund."

The company said it is working with parent Pfizer Inc. to determine which other documents will be necessary to implement the plan.

A status conference will be held in September.

Quigley, a unit of New York-based Pfizer Inc., filed for bankruptcy on Sept. 3, 2004. Its Chapter 11 case number is 04-15739.

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