Pfizer Inc. (NYSE:PFE) will offer assets including a 281,581-square- foot building leased to a brewery to help its bankrupt, non-operating Quigley unit pay asbestos claims.
This is Quigley’s sixth outline of a plan to reorganize, filed in U.S. Bankruptcy Court in Manhattan Wednesday, which would also require Pfizer to forgive a secured claim of $86 million, a bankruptcy loan of $12.6 million and unsecured claims of $33 million. According to court papers, it would also contribute $81 million in insurance proceeds.
“Pfizer will pay $42 million to acquire a commercial property consisting of an approximately 281,581 square foot building on approximately 12 acres of land,” according to court papers. The building is leased to a distributor for “a leading brewery company,” the filing said.
The lease will generate net income of $1.9 million for the first year of the lease, with the amount increasing over time, according to the papers. The location of the building and name of the beer company aren’t disclosed.
“This ensures that asbestos claimants are not compelled to surrender their derivative claims against Pfizer without appropriate compensation,” Quigley asserted.
Pfizer closed at $20.33, gaining $0.04, or 0.20 percent.
Friday, April 8, 2011
Pfizer (PFE) Offers Assets to Settle Asbestos Claims
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