H. K. Porter Asbestos Trust
The H. K. Porter Company, Inc. Asbestos Trust (doing business as the H. K. Porter Asbestos Trust) was organized to process, liquidate, and pay all valid asbestos claims for which the H. K. Porter Company, Inc. has legal responsibility. The Trust was created in 1998 as a result of the confirmation of the Fourth Amended Creditors’ Committee Plan of Reorganization for H.K. Porter Company, Inc. (the “Plan”).
Per section 2.2 of the Trust Agreement, the purpose of the Asbestos Trust is to assume liability pursuant to the Plan for all Asbestos Claims; to use the Asbestos Trust’s assets and income to pay holders of valid Asbestos Claims in such a way that holders of similar Asbestos Claims are paid in substantially the same manner; and to otherwise comply in all respects with the requirements of a trust set forth in Section 524(g)(2)(B)(i) of the Bankruptcy Code.