Babcock & Wilcox given more time

The US Bankruptcy Court has granted Babcock & Wilcox more time, until 30 September, to try to reach a mediated agreement with asbestos claimants. The company filed for Chapter 11 early in 2000 and a year later the court appointed Professor Francis McGovern of Duke University Law School as mediator to help the parties find a way in which the claims could be resolved. The extension was applied for following Babcock’s filing of a reorganization plan for the payment of personal injury claims through a trust.