Bankruptcy Judge Approves $36 Million Settlement Between Thorpe, Insurers

Bankruptcy Judge Approves $36 Million Settlement Between Thorpe, Insurers

LOS ANGELES - Reorganized Chapter 11 debtor Thorpe Insulation Co. and its asbestos trust received approval Feb. 6 from a California federal bankruptcy judge of a settlement with three insurance companies that have opposed Thorpe's reorganization. The deal covers three insurance policies and includes a $36 million payment by the insurers to the asbestos trust (In re Thorpe Insulation Co., No. 2:07-bk-19271, C.D. Calif. Bkcy.).

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