Asbestos Liability

Asbestos Liability

Extension of Section 524(g) of the Bankruptcy Code to Nondebtor Parents, Affiliates, and Transaction Parties
      Susan Power Johnston and Katherine Porter, 59(2): 503–27 (Feb. 2004)
After reviewing the historical difficulties of resolving asbestos liability and the foundations of section 524(g) of the Bankruptcy Code, this Article explores current attempts by nondebtors to use the bankruptcies of their subsidiaries, affiliates, or transaction parties to receive protection from asbestos liability. A particular focus is given to the efforts in very recent or pending cases to protect nondebtors and to the problems that have hindered confirmation of plans of reorganization in current cases.