Halliburton Seeks Votes for Asbestos Settlement
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Halliburton Co., the world’s second-largest oil-field-services company, is asking about 425,000 individuals suing over asbestos exposure to endorse the restructuring of DII Industries, Kellogg Brown & Root and other units in an estimated $4-billion settlement.
Approval by at least 75% of those with pending claims would clear the way for the units to file for bankruptcy protection in November, under a plan to create a trust that would pay asbestos claims and wipe out future liability.
Shares of Houston-based Halliburton, which rose 16 cents to $24.53 on the NYSE, have increased almost 35% since the settlement proposal was unveiled in December.
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