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DII INDUSTRIES AND KBR BEGIN SUPPLEMENTAL SOLICITATION PROCESS
HOUSTON, Texas – Halliburton (NYSE:HAL) announced today that DII Industries, Kellogg Brown & Root, and other affected subsidiaries have completed amendments to documents implementing the companies' planned asbestos and silica settlement and are mailing supplemental solicitation materials to asbestos and silica creditors in connection with voting on the amended plan of reorganization. The Company also announced that the proposed filing entities have set December 11, 2003 as the deadline for voting, or changing votes, on the proposed plan.
The proposed filing entities have been advised by their balloting agent that as of November 14, 2003, it had received votes from approximately 220,000 asbestos and silica creditors, or approximately 66% of known creditors. Of the votes received, over 97% of asbestos voting creditors and over 98% of silica voting creditors have voted to accept the plan. With the distribution of the supplemental solicitation materials, creditors have the right to change their vote until the December 11th voting deadline.
The supplemental solicitation materials describe changes made to the plan to incorporate the terms of the agreement in principle with the asbestos claimants committee announced on November 6, 2003 to limit the cash required to settle pending asbestos and silica claims currently subject to definitive agreements and certain additional agreements to $2.775 billion. The supplemental disclosure statement, including the text of amendments, is now posted in the Asbestos Update section of the Halliburton web site at www.halliburton.com.
Remaining conditions to a Chapter 11 filing by the affected Halliburton subsidiaries include approval of the plan by required creditors, including at least 75% of known present asbestos claimants, and Halliburton board approval.
Halliburton, founded in 1919, is one of the world's largest providers of products and services to the petroleum and energy industries. The Company serves its customers with a broad range of products and services through its Energy Services and Engineering and Construction Groups. The Company's World Wide Web site can be accessed at www.halliburton.com.
Contact
Cedric Burgher
cedric.burgher@halliburton.com
Halliburton, Investor Relations
(p) 713.759.2688
Wendy Hall
wendy.hall@halliburton.com
Halliburton, Public Relations
(p) 713.759.2605
Employment Contact
jobs@halliburton.com
(p) 800.888.7668
ext. 8005
Supplier/Procurement Contact
kbr_supplier_relations@halliburton.com
Supplier Diversity Contact
Erin Petkovich
supplier_diversity@halliburton.com
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