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Halliburton Agrees to $2.8 Billion Asbestos Penalty December 19, 2002 By FT.COM Halliburton, the energy company once led by Vice-President Dick Cheney, agreed on Wednesday to pay up to $2.8bn cash, 59.5m Halliburton shares worth about $1.2bn, and notes valued at less than $100m to settle over 300,000 asbestos claims. The settlement by the Dallas-based oilfield services and construction company provides for two Halliburton subsidiaries, DII Industries and Kellogg Brown & Root, and certain of their units, to enter pre-packaged bankruptcies. KBR's US government operations business and KBR entities without US operations will be excluded. The agreement remains subject to a definitive agreement covering the details; acceptance by holders of asbestos claims to a plan of reorganisation; financing the settlement on terms acceptable to Halliburton; and board and court approval. "If this transaction is completed, it will resolve a major issue that has been clouding our future," said Dave Lesar, chairman and chief executive of Halliburton. "Not only have we taken care to responsibly provide for those affected by asbestos, this settlement will allow us to concentrate all our efforts on . . . Halliburton's core businesses." Halliburton's shares rose 1.13 per cent to $20.58 on the news, which analysts say represents the final stretch in its long race to resolve its asbestos liabilities. Nonetheless, Moody's Investors Service immediately put Halliburton's Baa2 investment-grade credit ratings under review for possible downgrade as it considers the financial implications for the company. The settlement was reached with attorneys representing substantially more than the required 75 per cent of known asbestos claimants needed to achieve resolution on all of the cases, and it covers all pending and future personal injury asbestos claims against Halliburton and its subsidiaries. Halliburton is working with banks and advisers to obtain financing commitments, which it expects will leave it with leverage ratios that compare favourably to peers and are in line with investment-grade companies. Mr Lesar said the court- supervised reorganisation was the only way to fully and permanently resolve all asbestos liability by establishing a trust to address potential future claims. The filing should take place in the first quarter of 2003 and should be concluded within 90 days. http://www.nytimes.com/financialtimes/business/FT1039523798578.html?ex=1041293533&ei=1&en=42bef27ee8675ed3 HOW TO ADVERTISE --------------------------------- For information on advertising in e-mail newsletters or other creative advertising opportunities with The New York Times on the Web, please contact [EMAIL PROTECTED] or visit our online media kit at http://www.nytimes.com/adinfo For general information about NYTimes.com, write to [EMAIL PROTECTED] Copyright 2002 The New York Times Company <A HREF="http://www.ctrl.org/";>www.ctrl.org</A> DECLARATION & DISCLAIMER ========== CTRL is a discussion & informational exchange list. Proselytizing propagandic screeds are unwelcomed. Substance�not soap-boxing�please! These are sordid matters and 'conspiracy theory'�with its many half-truths, mis- directions and outright frauds�is used politically by different groups with major and minor effects spread throughout the spectrum of time and thought. That being said, CTRLgives no endorsement to the validity of posts, and always suggests to readers; be wary of what you read. CTRL gives no credence to Holocaust denial and nazi's need not apply. Let us please be civil and as always, Caveat Lector. ======================================================================== Archives Available at: http://peach.ease.lsoft.com/archives/ctrl.html <A HREF="http://peach.ease.lsoft.com/archives/ctrl.html";>Archives of [EMAIL PROTECTED]</A> http:[EMAIL PROTECTED]/ <A HREF="http:[EMAIL PROTECTED]/";>ctrl</A> ======================================================================== To subscribe to Conspiracy Theory Research List[CTRL] send email: SUBSCRIBE CTRL [to:] [EMAIL PROTECTED] To UNsubscribe to Conspiracy Theory Research List[CTRL] send email: SIGNOFF CTRL [to:] [EMAIL PROTECTED] Om
