Quigley nine-year bankruptcy ends; Chapter 11 plan effective Nov. 4

By Caroline Salls

Pittsburgh, Nov. 4 - Quigley Co., Inc.'s plan of reorganization took effect on Nov. 4, according to a filing with the U.S. Bankruptcy Court for the Southern District of New York.

As previously reported, the plan was confirmed on July 2 and the U.S. District Court for the Southern District of New York affirmed the confirmation order on July 30.

Treatment of creditors under the plan will include the following:

• Priority claims will be paid in full in cash;

• Pfizer Inc. will forgive its secured claim as part of its contribution to an asbestos personal injury trust;

• The distribution for holders of Hatchett secured claims and Sherry secured claims will depend on the outcome of pending appeals;

• Holders of other bond secured claims will be entitled to the same treatment as holders of Hatchett and Sherry secured claims;

• Holders of unsecured claims will receive cash equal to the allowed amount of the claim multiplied by a class three payment percentage provided, however, that Provost Silica claims will be satisfied solely from any proceeds recovered from shared asbestos-excluded insurance policies and in accordance with the class three payment percentage;

• Asbestos personal injury claims will be channeled to the trust and paid in accordance with the plan, trust agreement and trust distribution procedures; and

• Sole equity interest holder Pfizer will transfer its Quigley common stock to the asbestos trust.

Quigley, a unit of New York-based Pfizer Inc., filed for bankruptcy on Sept. 3, 2004. Its Chapter 11 case number is 04-15739.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.