Dow Corning Reorganization Plan Appeals Could Delay Further Action
This article was originally published in The Gray Sheet
Appeals based on lingering concerns over the fairness of Dow Corning's Chapter 11 bankruptcy reorganization plan are among potential roadblocks that could delay further action following approval by U.S. Bankruptcy Court Judge Arthur Spector on Nov. 30, plaintiffs' attorneys say.
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Proponents of the Dow Corning Joint Plan of Reorganization will present evidence at a June 28 confirmation hearing in the U.S. Bankruptcy Court in Bay City, Michigan in an effort to obtain approval on the plan from the court. On June 1, the Tort Claimants Committee and Dow Corning announced acceptance of the settlement proposal. With more than 300,000 claimant votes submitted on various claim categories, 94% voted in favor of the plan. Court confirmation would allow claimants to select the settlement method for their claim and would resolve the company's Chapter 11 filing
Dow Corning could begin paying silicone-filled breast implant claimants as early as June 1999 pending approval by U.S. Bankruptcy Court Judge Arthur Spector of a $3.2 bil. settlement.
Personal care and cosmetic product trademark filings compiled from the Official Gazette of the US Patent and Trademark Office, Class 3.