EANS-Adhoc: RHI AG / Chapter 11 proceedings of the US companies deconsolidated in 2001 completed

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Justice/Processes 01.05.2013

On March 11, 2013, the competent district court confirmed the decision of the bankruptcy court regarding a settlement with all insurance companies successful in the appeals proceedings. After expiry of the objection period and the fulfillment of conditions precedent, the reorganization plans of the US companies have entered into force with effect from April 30, 2013. This has just been announced to the bankruptcy court. Consequently, the Chapter 11 proceedings of the companies deconsolidated as of December 31, 2001 and the associated asbestos-related claims for damages have been definitively completed with full legal security after eleven years. RHI receives a payment of USD 40 million from the former owner of one of the US companies.

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(END) Dow Jones Newswires

   May 01, 2013 14:37 ET (18:37 GMT)- - 02 37 PM EDT 05-01-13