Halliburton Finalizes Funding for Asbestos, Silica Settlement; Collection Surpasses $1 Billion in Insurance

Halliburton announced on Tuesday that the company has completed the funding of the asbestos and silica settlements for its subsidiaries that had filed chapter 11 proceedings.

Halliburton paid today the final cash installment of the $2.775 billion used to fund the trusts for the benefit of current asbestos and silica claimants.

In addition, on Jan. 20, 2005, Halliburton issued 59.5 million shares of
common stock that have been contributed for the benefit of future asbestos claimants. As a result of the issuance of these new shares, the total number of shares of common stock outstanding is now approximately 504 million. The plan of reorganization became effective on Jan. 20, 2005.

Halliburton has collected to date more than $1.0 billion in cash from various insurance carriers related to the asbestos and silica settlements.

“The funding and completion of this settlement allows us to open a new chapter for Halliburton. We are excited about the company’s prospects in the coming years,” said Dave Lesar, chairman, president and CEO of Halliburton.

Latest Comments

• February 24, 2005 at 6:29 am

  carleen bates says:

  ihope everyone that works at haliburto come down with asbestos plus bush and chaney. my husband has asbesto an silisious and doesn;t have any breath at all .the corp are lille... read more
• February 12, 2005 at 6:09 am

  Judy McCoy says:

  In "the good ole days" when my husband was working for Brown & Root, he was around asbestos all the time. What was his reward for working and taking care of his family? It w... read more
• February 11, 2005 at 7:01 am

  Don says:

  Finally after 8 years since Brown and Root / Halliburton killed my father from asbestos mesothelioma the settlement has come through. $17,776.00, what an insult..is that what... read more