ASBESTOS LITIGATION:  ABB Not Fazed by Latest Bankruptcy Delay
--------------------------------------------------------------
Published May 30, 2003

ABB gets another blow as US bankruptcy court Judge Judith
Fitzgerald told the group's lawyers, the insurers, and the
asbestos claimants that the paperwork presented to her was
voluminous thus no ruling was to be expected before late June at
the earliest.

The engineering giant was hoping the $1,300,000,000 asbestos
deal will be settled before the month ends as it tries to
restore profits and cut its debt mountain.  The delay raised
fears among some investors that ABB will have to raise fresh
capital as it attempts to return to profit and cut its o5bn dept
pile.  ABB aims to raise GBP1,000,000,000 as it moves to sell
its oil, gas and petrochemicals arm, which employs the bulk of
its 800-strong Scottish workforce.  The Swiss engineering group
remains unfazed however, saying that the delay should not be
seen negatively because the company was moving in the right
direction.

ABB chairman Juergen Dormann said the company was talking with
three potential buyers for OGP.  ABB spokesman Thomas Schmidt
said, "Everything is on track with the sale of OGP. If there is
a delay of some weeks (on asbestos) it won't have an impact on
OGP."


-----------------------------------------------------------
LitigationDataSource.com