Trane Technologies plc - Ordinary Shares - Class A

NYSE:TT   3:59:55 PM EDT
185.61
-1.36 (-0.73%)
4:00:00 PM EDT: $185.69 +0.08 (+0.04%)
Debt Financing / Related, Other Pre-Announcement, Bankruptcy / Related

Trane Technologies Says Aldrich And Murray, Units Of Co Initiated Bankruptcy Proceedings On June 18

Published: 08/26/2021 11:13 GMT
Trane Technologies plc - Ordinary Shares - Class A (TT) - Trane Technologies - Aldrich and Murray, Units of Co Initiated Bankruptcy Proceedings on June 18, 2020.
Trane Technologies - Units, Fcr Reached Agreement on Key Terms for Permanent Resolution of All Current, Future Asbestos Claims Against Units.
Trane Technologies - Under Agreed Terms, Plan Would Create Trust, Establish Claims Resolution Procedures for All Current, Future Claims Against Units.
Trane Technologies - on Effective Date of Plan, Units Would Fund Trust With $545 Million & Asbestos Claims Would Be Channeled to Trust for Resolution.
Trane Technologies - Following Effective Date of Plan, Aldrich and Murray, Would Have No Further Obligations With Respect to Asbestos Claims.
Trane - Units Would Have Exclusive Right to Pursue, Collect, Retain All Insurance Reimbursements in Connection With Resolution of Asbestos Claims.
Trane Technologies - Expects Terms of Agreement in Principle Would Increase Funding Agreement Liability by an Amount Not Expected to Exceed $20 Million.
Trane - Will Recognize Pre-tax Charge in Q3 for Agreement Liability Increase, of Which About One-third of Increase Will Impact Continuing Operations.
Trane - Previously Recorded $248.8 Million on Its Balance Sheet Related to Obligations Under Funding Agreements Entered Into With Aldrich, Murray.