Pa. Court Schedules Hearing on Motion for Approval of $1.3 Billion Honeywell Asbestos Settlement

PITTSBURGH –– The Pennsylvania bankruptcy court overseeing the North American Refractories Company Asbestos Personal Injury Settlement Trust bankruptcy proceedings has scheduled a hearing on the motion approving a $1.3 billion buyout agreement.

In a Nov. 21 order, the U.S. Bankruptcy Court for the Western District of Pennsylvania scheduled a hearing on the motion for Dec. 7 at 2:00 p.m. via Zoom.

NARCO 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 motion …