NU Online News Service, May 29, 3:44 p.m. EDT
A federal bankruptcy court has sided with Travelers Insurance Company over an attempt by an insured to reach a settlement with asbestos claimants without the approval of the carrier in a scheme the court said could financially benefit the insured.
Chief Judge M. Bruce McCullough, in U.S. Bankruptcy Court for the Western District of Pennsylvania in Pittsburgh, ruled this week that a bankruptcy plan to settle claims between Skinner Engine Company and asbestos claimants could not be approved under Chapter 11 bankruptcy reorganization. Instead, the judge ruled the issue would be converted to Chapter 7 liquidation.
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