Date: July 17, 2003
Source: News Room
Halliburton Co. (NYSE: HAL) is seeking two more months to resolve more than 200,000 asbestos claims as Congress addresses a plan that could save the oil-services company billions of dollars in settlement costs. The company said its DII Industries LLC unit and a separate company, Harbison-Walker Refractories Co., reached an agreement with lawyers representing asbestos victims to extend a stay until Sept 30. In December, Halliburton proposed a cash and stock settlement now valued at about $4.25 billion. The postponement comes as Congress debates a plan that would limit the impact of asbestos litigation on companies and would reduce Halliburton's asbestos costs by an estimated $3.5 billion.
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