Yarway Corporation Chapter 11 Plan Becomes Effective

Yarway Corporation, an indirect wholly-owned subsidiary of Tyco International plc, had its Chapter 11 bankruptcy plan become effective on August 19, 2015. The plan resolves asbestos-related claims against Yarway and provides a release and injunction for Tyco and its affiliates. Tyco contributed approximately $325 million in cash to a section 524(g) trust to fund current and future asbestos claims.

“On August 19, 2015, the Chapter 11 plan became effective, the Company contributed approximately $325 million in cash to the Yarway Trust and each of the Company Protected Parties received the benefit of a release from Yarway and an injunction under section 524(g) of the Bankruptcy Code permanently enjoining the assertion of Yarway Asbestos Claims against those Parties.”

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