Appeal to Plant Insulation Plan Order Junked
Troutman Sanders and Chicago partner Clint Cameron were mentioned in a September 5 Lloyd’s Asbestos Litigation Reporter article about the United States District Court for the Northern District of California’s rejection of an appeal of the confirmation of the second plan of reorganization of Plant Insulation Company.
The Ninth Circuit had rejected the company’s original plan of reorganization, stating it failed to comply with a bankruptcy code provision that seeks to ensure a reorganized debtor’s future operations are controlled by an asbestos trust formed under § 524(g) of the bankruptcy code. On remand, a subsequent plan was formulated and confirmed by the bankruptcy court. In affirming the confirmation of the second plan, the district court found that plan amendments adequately addressed the issues on which the Ninth Circuit had reversed confirmation of the first plan . Clint represented appellant United States Fire Insurance Company during the legal proceedings.