Page:United States Statutes at Large Volume 108 Part 5.djvu/624

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108 STAT. 4114 PUBLIC LAW 103-394—OCT. 22, 1994 "(B) The requirements of this subparagraph are that— "(i) the injunction is to be implemented in connection with a trust that, pursuant to the plan of reorganization— "(I) is to assume the liabilities of a debtor which at the time of entry of the order for relief has been named as a defendant in personal injury, wrongful death, or property-damage actions seeking recovery for damages allegedly caused by the presence of, or exposure to, asbestos or asbestos-containing products; "(II) is to be funded in whole or in part by the securities of 1 or more debtors involved in such plan and by the obligation of such debtor or debtors to make future pay- ments, including dividends; "(III) is to own, or by the exercise of rights granted under such plan would be entitled to own if specified contingencies occur, a majority of the voting shares of— "(aa) each such debtor; "(bb) the parent corporation of each such debtor; or "(cc) a subsidiary of each such debtor that is also a debtor; and "(IV) is to use its assets or income to pay claims and demands; and "(ii) subject to subsection (h), the court determines that— "(I) the debtor is likely to be subject to substantial future demands for payment arising out of the same or similar conduct or events that gave rise to the claims that are addressed by the injunction; "(II) the actual amounts, numbers, and timing of such future demands cannot be determined; "(III) pursuit of such demands outside the procedures prescribed by such plan is likely to threaten the plan's purpose to deal equitably with claims and future demands; "(IV) as part of the process of seeking confirmation of such plan— "(aa) the terms of the injunction proposed to be issued under paragraph (1)(A), including any provisions barring actions against third parties pursuant to paragraph (4)(A), are set out in such plan and in any disclosure statement supporting the plan; and "(bb) a separate class or classes of the claimants whose claims are to be addressed by a trust described in clause (i) is established and votes, by at least 75 percent of those voting, in favor of the plan; and "(V) subject to subsection (h), pursuant to court orders or otherwise, the trust will operate through mechanisms such as structured, periodic, or supplemental payments, pro rata distributions, matrices, or periodic review of estimates of the numbers and values of present claims and future demands, or other comparable mechanisms, that provide reasonable assurance that the trust will value, and be in a financial position to pay, present claims and future demands that involve similar claims in substantially the same manner. "(3)(A) If the requirements of paragraph (2)(B) are met and the order confirming the plan of reorganization was issued or affirmed by the district court that has jurisdiction over the reorga-