The US Bankruptcy Court in Pittsburgh, Pennsylvania has issued an order confirming the revised plan of reorganisation for Combustion Engineering (CE), an ABB subsidiary.
The Bankruptcy Court’s confirmation follows a vote by asbestos claimants, which was completed in September 2005 and a confirmation hearing by the Bankruptcy Court at which all objections to the plan were withdrawn.
Under the plan, which still requires District Court approval, ABB has committed $1.43 billion for a trust fund for claims against CE.