Tyco International PLC (TYC) filed a Form 8K - Other Events -
with the U.S Securities and Exchange Commission on January 14,
2015.
As previously disclosed, during the fourth quarter of fiscal
2014, Tyco International plc (the "Company"), recorded a net charge
of $465 million related to asbestos liabilities, of which $225
million related to Yarway Corporation liabilities and $240 million
related primarily to Grinnell. The Company also disclosed that, in
connection with claims primarily related to Grinnell, the Company
had resolved disputes with certain of its historical insurers and
agreed that certain insurance proceeds would be used to establish
and fund a qualified settlement fund ("QSF"), within the meaning of
the Internal Revenue Code, which would be used for the resolution
of certain of these liabilities. On January 9, 2015, the Company
completed a series of restructuring transactions related to the
establishment and funding of a dedicated structure pursuant to
which the Company acquired the assets of Grinnell and transferred
cash and other assets totaling approximately $278 million (not
including $22 million received by the QSF from historic third-party
insurers in settlement of coverage disputes) to the structure. As
part of the restructuring, subsidiaries in the structure assumed
certain liabilities related to historic Grinnell, Scott and Figgie
operations, including all historical Grinnell asbestos liabilities,
and such subsidiaries purchased additional insurance by, through or
from a wholly-owned subsidiary in the structure in order to
supplement and enhance existing insurance assets. The structure and
the QSF fully fund all historic Grinnell asbestos liabilities and
provide for the efficient and streamlined management of claims
related thereto.
The full text of this SEC filing can be retrieved at:
http://www.sec.gov/Archives/edgar/data/833444/000083344415000002/form8-k1x14x15.htm
Any exhibits and associated documents for this SEC filing can be
retrieved at:
http://www.sec.gov/Archives/edgar/data/833444/000083344415000002/0000833444-15-000002-index.htm
Public companies must file a Form 8-K, or current report, with
the SEC generally within four days of any event that could
materially affect a company's financial position or the value of
its shares.
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