Mealey's Bankruptcy - Judge Rejects Insurers' Challenge To Approval Of Plant's Revised Plan

Mealey's Bankruptcy - Judge Rejects Insurers' Challenge To Approval Of Plant's Revised Plan

SAN FRANCISCO - A bankruptcy court correctly held that changes made by Plant Insulation Co. to its Chapter 11 plan of reorganization on remand from the Ninth Circuit U.S. Court of Appeals are sufficient to satisfy a U.S. Bankruptcy Code requirement that the asbestos trust established by the plan has the ability to take control over the reorganized debtor's future operations, a California federal judge ruled Aug. 18 in denying an appeal by insurers and affirming the plan confirmation (OneBeacon Insurance Company, et al. v. Plant Insulation Company, et al., No. 14-1200, N.D. Calif.).

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