Demise of The Business
In 1998 the business was acquired by Federal-Mogul which itself got into financial difficulties and filed for Chapter 11 protection as a result of asbestos claims. In the United Kingdom the business went into administration in October 2001 leaving a pension fund deficit estimated at £400 million. UK victims of the company's asbestos pollution, such as those near to the former J.W. Roberts factory in Armley, Leeds, were offered a fraction of the compensation to which they were entitled.
The T&N Subfund of the Federal-Mogul Asbestos Trust was organized to process, liquidate, and pay all valid Asbestos Trust claims for which the T&N Entities have legal responsibility. The Trust was created December 27, 2007 as a result of the confirmation of The Federal-Mogul Chapter 11 Joint Plan of Reorganization. The purpose of the Trust is to provide fair, equitable and substantially similar treatment for all Trust claims that may presently exist or may arise in the future in substantially the same manner.
The Trust Distribution Procedures (TDP) approved by the bankruptcy court provide for resolving all asbestos-related personal injury and death claims caused by conduct of, and/or exposure to products for which Federal-Mogul Entities are responsible in the manner set forth for the specific Federal-Mogul Entity.
For claimants whose principal exposure to asbestos was in the United Kingdom or one of several other non-US countries, a UK Asbestos Trust was established to provide for the payment of asbestos claims in addition to the US-focused Asbestos Trust described above.
Read more about this topic: Turner & Newall
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