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CHAPTER 11
Dow Corning Closer To Emerging From Bankruptcy Afederal district court judge has affirmed her two-year-old ruling that women with silicone gel breast implants cannot recover damages from Dow Chemical and Corning, parents of implant maker Dow Corning. The ruling means Dow Corning could emerge from bankruptcy in 2003. The three companies consider the release key to a 1998 plan worked out between implant recipients and the silicones maker. In 1999, a bankruptcy court judge approved the plan but excluded the no-sue provision. Subsequent appeals have kept Dow Corning under supervision, thus delaying payments of $3.2 billion to claimants and $1.3 billion to creditors. The 6th U.S. Circuit Court of Appeals in Cincinnati still has to approve the district court judge's ruling. And the appeals court is likely to consider objections from plaintiffs who insist they should be allowed to recover damages from Dow Corning's parents. According to documents filed with the Securities & Exchange Commission, many plaintiffs would like to recover damages from Dow Corning's owners. Corning faces about 70 implant-related lawsuits while Dow Chemical is named in 10,000 suits. A Dow Corning spokesman acknowledges the likelihood that the plaintiffs' attorneys will ask for a hearing by the appeals court. Depending on which way that court goes, Dow Corning or plaintiff attorneys are then likely to take the ruling to the U.S. Supreme Court. |
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