Babcock & Wilcox Bankruptcy Reorganization Bar Date Notice and Claims Process Begins; Includes Apollo and Parks Township, Pennsylvania Nuclear Contamination And Radiation Claims.
The Court-ordered notification and claims process that began today in connection with the Chapter 11 reorganization involving The Babcock & Wilcox Company and certain of its subsidiaries ("B&W") includes claims related to contamination or radiation from the former B&W nuclear processing facilities in Apollo, Pennsylvania or Parks Township, Pennsylvania. To preserve a claim against B&W, it must be filed and received by July 30, 2001 (the "Bar Date.")
On February 22, 2000, B&W filed for protection under Chapter 11 of the U.S. Bankruptcy Code to determine and comprehensively resolve its asbestos liability claims. As part of the reorganization process, B&W must alert those who have claims related to contamination or radiation from nuclear processing facilities in Apollo, Pennsylvania or Parks Township, Pennsylvania. Generally, this does not prohibit claims for injuries that are not currently manifested as of the Bar Date from being filed in the future.
Those who do not file a claim by the Bar Date will lose the right to bring such a claim against B&W in the future. Filing a claim does not necessarily entitle claimants to compensation. For valid claims, the amounts and dates when payments will be issued have not been determined.
Prior to the Bar Date, notices will be mailed to potential claimants and attorneys, and are scheduled to appear in newspapers -- including many in the western Pennsylvania area relating to the Apollo-Parks Township claims -- magazines, and on television throughout the United States. Notices will also be disseminated in Canada, the United Kingdom and the Philippines. Information about the claims process will also be made available through the Internet.
Claimants may call toll free 1-877-657-9158, write to Claims Agent, Re: Babcock & Wilcox, P.O. Box 9495, Minneapolis, MN 55440-9495, USA, or visit the website at http://www.bwbardate.com to receive more information including a long form notice and claim form. Claimants are asked not to contact the Courts.
B&W purchased the Nuclear Materials & Equipment Corp. plant in Apollo, Pennsylvania from Atlantic Richfield Co. in 1971. The plant processed uranium for nuclear reactors and Navy submarines. The factory stopped producing uranium and shut down in 1986 under B&W's ownership. Although the plant was razed in the early 1990s, certain individuals including their families and heirs may have a claim against B&W relating to exposure to or contamination by radioactive material.
The Chapter 11 filing by The Babcock & Wilcox Company includes its subsidiaries Americon, Inc., Babcock & Wilcox Construction Company, Inc., and Diamond Power International, Inc. Because this is a voluntary Chapter 11 filing and B&W remains solvent, the Bar Date does not apply to unsecured creditors whose claims do not relate to asbestos or certain nuclear contamination issues. Accordingly, commercial creditors and suppliers need take no action. Also, all employee wages, salaries, benefits and retiree benefits are unaffected and protected.
The Bar Date also involves claims related to Asbestos Personal Injury Claims, as well as Derivative Asbestos Claims or Asbestos Property Damage Claims relating to asbestos exposure from a worksite, including ships, that had a B&W boiler system, or involving other B&W asbestos-related components. Complete descriptions of the claims subject to the Bar Date including more details about the claims process may be found in the long form notice and claim form that is available at the official www.bwbardate.com website or by calling the toll free call center at 1-877-657-9158.
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|Date:||Nov 29, 2000|
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