NARCO Asbestos Trust Moves for Approval of Honeywell Asbestos Settlement Totaling $1.3 Billion
November 21, 2022
PITTSBURGH –– The North American Refractories Company Asbestos Personal Injury Settlement Trust has moved for entry of an order approving an amended and restated buyout agreement, which would extinguish the NARCO Asbestos Trust’s right to “evergreen” funding from Honeywell in exchange for a lump-sum cash payment of $1.325 billion.
The Nov. 21 motion filed in the U.S. Bankruptcy Court for the Western District of Pennsylvania explained that the Amended Buyout Agreement “is the product of extensive arm’s-length negotiations among the Parties.”
“The Trustees have determined based on many considerations that entering into the Amended Buyout Agreement is in the best …