ABB Ltd
09 February 2006
U.S. District Court sets February 28 for confirmation of Combustion Engineering
Plan of Reorganization
Zurich, Switzerland, February 8, 2006 - A District Court judge in the United
States has set the hearing of the revised Plan of Reorganization for Combustion
Engineering, an ABB subsidiary in the U.S., for February 28, 2006.
The judge said he intended to issue an entry and affirmance of the confirmation
order of the Plan of Reorganization on that date. If there are no objections
during the 30-day appeals period following the February 28 hearing, the plan
would then become effective. ABB could then start the process of setting up the
Trust Fund for asbestos claimants.
'This is a very positive step forward. If the judge confirms the plan, and no
appeals are filed during the 30-day period, the order will become final and the
plan effective, to the benefit of all parties involved,' said Fred Kindle, ABB
President and CEO.
No appeals were filed against the Plan of Reorganization before it was confirmed
by the U.S. Bankruptcy Court in Pittsburgh, Pennsylvania on December 19, 2005.
In September 2005, claimants to a parallel asbestos-related Plan of
Reorganization for another U.S. subsidiary, ABB Lummus Global Inc., voted 96
percent in favor of the plan. That plan has not yet been filed with the
Bankruptcy Court.
ABB (www.abb.com) is a leader in power and automation technologies
that enable utility and industry customers to improve performance while lowering
environmental impact. The ABB Group of companies operates in around 100
countries and employs about 103,000 people.
For more information please contact:
Media Relations:
ABB Corporate Communications, Zurich
Thomas Schmidt. Wolfram Eberhardt
Tel: +41 43 317 6568
Fax: +41 43 317 7958
media.relations@ch.abb.com
Investor Relations:
Switzerland: Tel. +41 43 317 3804
Sweden: Tel. +46 21 325 719
USA: Tel. +1 203 750 7743
investor.relations@ch.abb.com
This information is provided by RNS
The company news service from the London Stock Exchange
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.