"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. "We have excellent employees, a strong asset base, and a premiere position in the industry. The resolution of the company's asbestos and silica liabilities will allow us to concentrate our resources on serving our customers and further growing the business."
Until previously announced settlement agreements with the insurance companies are finalized and approved by the Bankruptcy Court, Halliburton anticipates that the insurance companies will file motions for reconsideration with the United States District Court or file appeals to protect their appeal rights. However, assuming the settlement agreements are finalized and receive Bankruptcy Court approval, Halliburton expects the insurance companies will withdraw their appeals and permit the plan of reorganization to become effective. Assuming the settlements with the insurance companies are finalized in the near future and the plan of reorganization becomes effective, Halliburton expects that its debtor subsidiaries would fund the trusts for asbestos and silica claimants under the plan of reorganization in the fourth quarter of 2004.
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