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In re FCX, Inc.

ELR Citation: 21 ELR 20666
Nos. No. S-85-01574-5, (Bankr. E.D.N.C., 10/17/1990) Settlement approved

The court approves a settlement agreement that resolves a Chapter 11 debtor's liability to the United States and North Carolina under the Comprehensive Environmental, Response, Compensation, and Liability Act (CERCLA). The agreement requires the debtor to pay $2 million to a trust that will be used to reimburse the governments for response costs at the debtor's two former pesticide distribution centers. The court holds that the decree is fair, reasonable, and in the best interests of the estate.

[A previous decision in this litigation is published at 19 ELR 20849.]

Attorney for Debtor
William H, McCullough
Adams, McCullough & Beard
One Exchange Plaza, P.O. Box 389, Raleigh NC 27602
(919) 828-0564