Budd asbestos committee looks to hire Charter Oak as financial adviser

By Kali Hays

New York, Sept. 30 – Budd Co.’s official committee of asbestos personal injury claimants asked for authorization to employ Charter Oak Financial Consultants, LLC as its financial adviser, according to a Sept. 29 motion with the U.S. Bankruptcy Court for the Northern District of Illinois.

If approved, the hiring will be retroactive to Aug. 15.

Charter Oak will provide oversight of Budd’s financial affairs, evaluate the company’s assets and advise the committee on any settlement negotiations while providing court testimony as necessary, according to the motion.

Employees of Charter Oak responsible for the case will be paid an hourly rate between $262 and $715.

A hearing is set for Oct. 17.

Chicago-based Budd made stainless steel rail cars. The company filed for bankruptcy on March 31 under Chapter 11 case number 14-11873.

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