The U.S. Supreme Court on June 6 unanimously held in Truck Insurance Exchange v. Kaiser Gypsum Company Inc. that insurers with financial responsibility for bankruptcy claims are a “party in interest” that may object to a reorganization plan under Chapter 11 of the Bankruptcy Code.
In 2016, building material manufacturer Kaiser Gypsum Co. and its parent company Hanson Permanente Cement (hereinafter collectively, Kaiser) filed for Chapter 11 bankruptcy after facing numerous asbestos lawsuits. Kaiser proposed a reorganization plan under Section 524(g) of the Bankruptcy Code, …
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