PITTSBURGH -- Halliburton Co. will ask a federal judge for more time to review thousands of pending asbestos claims, the third time the company has sought an extension since agreeing to a settlement worth about $4 billion in December.þþDetermining the validity of each case, which involves more than 300,000 claimants, has proven to be an enormous task, officials with the Houston-based company said Monday.þþAttorneys for Halliburton are to appear Tuesday before U.S. Bankruptcy Judge Judith Fitzgerald in Pittsburgh to ask that a stay, which expired Monday, be extended until Sept. 30.þþHalliburton agreed to put its DII Industries unit under bankruptcy supervision to help pay the settlement, which includes about $2.8 billion in cash and 59.5 million shares of stock currently worth about $1.3 billion.þþThe company reported last month that it had supporting evidence for more than half the outstanding claims and said it expected to complete the review of all outstanding cases by July if victims' attorneys could provide supporting documentation.þþHalliburton inherited most of the claims four years ago when the conglomerate acquired Dresser Industries Inc. for $7.7 billion.þþThe case is being heard in Pittsburgh because most of the asbestos claims were filed against a former Dresser subsidiary, Pittsburgh-based Harbison-Walker Refractories Co. That company filed for Chapter 11 bankruptcy last year.þ
Source: Chicago Tribune
