NEW YORK--(BUSINESS WIRE)--The international law firm Greenberg Traurig, LLP announced that the T H Agriculture & Nutrition, L.L.C. (“THAN”) reorganization plan was approved by Judge William Pauley of the United States District Court for the Southern District of New York. The court affirmed the confirmation of the order that the Bankruptcy Court issued on May 28, 2009, and the reorganization plan became effective as of November 30, 2009. This plan establishes a $900 million trust under section 524(g) of the Bankruptcy Code into which all asbestos claims against the debtor and its affiliates, including its corporate parent Philips Electronics North America Corporation (“PENAC”), will be channeled.
“We are pleased that our client received the result they wanted, which allows them to permanently resolve the asbestos claims against themselves and their corporate parent by channeling all such claims to the established trust,” said Bruce R. Zirinsky, Co-Chair of Greenberg Traurig’s Business Reorganization and Bankruptcy Practice.
THAN was incorporated in 1917 as Thompson-Munro-Robbins Chemical Co. and became a subsidiary of PENAC in 1961. The company was headquartered in the Kansas City, Missouri area and its primary business was the distribution of industrial and agricultural products. THAN exited the chemicals business in 1981.
This effort was led at Greenberg Traurig by shareholders Bruce Zirinsky and John Bae with support from associates Denise Penn, Kaitlin Walsh, Burke Dunphy, Whitney Baron, Beth Sickelka and Sohyoung Choo, in the firm’s Business Reorganization and Bankruptcy Practice, and tax shareholders Ken Zuckerbrot and David Bunning, all in the firm’s New York office.
About Greenberg Traurig, LLP
Greenberg Traurig, LLP is an international, full-service law firm with approximately 1750 attorneys serving clients from more than 30 offices in the United States, Europe and Asia. In the U.S., the firm has more offices than any other among the Top 20 on The National Law Journal’s 2008 NLJ 250. In the U.K., the firm operates as Greenberg Traurig Maher LLP. Additionally, Greenberg Traurig has strategic alliances with the following independent law firms: Studio Santa Maria in Milan and Rome, TA Lawyers GKJ in Tokyo, and Weber Law Office in Zürich. The firm was Chambers and Partners' USA Law Firm of the Year in 2007 and among the Top 3 in the International Law Firm of the Year at the 2009 The Lawyer Awards. For additional information, please visit www.gtlaw.com.