Halliburton pays $2.8B to close out asbestos settlements
Halliburton Co. on Tuesday said it has paid about $2.8 billion to complete the funding of the asbestos, mesothelioma and silica settlements for its subsidiaries that had filed for Chapter 11 bankruptcy.
The Houston-based company added that it issued 59.5 million shares of common stock to fund the payments, bringing the total number of shares of common stock outstanding to about 504 million.
The reorganization plans for Halliburton’s DII Industries and Kellogg Brown & Root units become effective on Jan. 20. The units filed for bankruptcy in December 2003 as part of the asbestos lawsuits.
Halliburton (NYSE: HAL) inherited the asbestos-and-silica-related heath claims when it bought Dresser Industries Inc. in 1998.
Halliburton dealt away Dresser, a drilling equipment maker based in Addison, in a $1.55 billion deal to First Reserve Corp. and Odyssey Investment Partners LLC in 2001.
Halliburton pays $2.8B to close out asbestos settlements
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