Halliburton says court approves subsidiaries' reorganization plan

By Jeff Pines

Washington, July 27 - Halliburton Co. said the U.S. District Court for the Western District of Pennsylvania affirmed the bankruptcy court's order approving the reorganization plan for DII Industries, Kellogg Brown & Root and other Halliburton units.

The U.S. Bankruptcy Court for the Western District of Pennsylvania confirmed the subsidiaries' reorganization plan on July 16.

"This is good news for all Halliburton stakeholders and we are pleased the judge acted so quickly. This is a continuation of the momentum that has been building toward a final resolution of Halliburton's asbestos and silica liabilities," said Dave Lesar, chairman, president and chief executive officer of Halliburton, in a press release.

DII Industries and Kellog Brown & Root filed for bankruptcy last December as part of a plan to resolve their asbestos- and silica-related liabilities.

Houston-based Halliburton provides services to oil companies.

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