James Hardie victims get $300m lifeline
The Federal Government says the company's compensation fund would have run out of money in the next 12 months. It was set up in 2007 to compensate asbestos victims but James Hardie was permitted to start paying victims in installments if cash flows fell.
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- News Source: Australian Broadcasting Corporation | 17 days agoA company spokesman says while the loan gives certainty to victims, it may not be needed should James Hardie's financial woes improve. The Federal and New South Wales governments will provide the loan after fears the money in the asbestos fund would...
- News Source: The Age | 17 days agoThe massive injection comes after James Hardie advised earlier in 2009 that it was not in a position to make a contribution to the $1.8 billion fund this year. The shortfall meant that asbestos victims would be forced to receive instalment payments...
- News Source: The Daily Telegraph | 17 days agoAN asbestos victims support group is suspicious of James Hardie's refusal to top up its compensation fund, but has nevertheless welcomed a Government bailout. The Federal and New South Wales Governments have agreed to loan up to $320 million to the...
- News Source: Sydney Morning Herald | 17 days agoA joint statement by Prime Minister Kevin Rudd and NSW Premier Nathan Rees said the federal government would lend NSW up to $160 million, which the state will put towards a loan facility of up to $320 million to top up the fund. The loan facility...
- News Source: Australian Broadcasting Corporation | 17 days agoThe Federal Government says the company's compensation fund would have run out of money in the next 12 months. It was set up in 2007 to compensate asbestos victims but James Hardie was permitted to start paying victims in installments if cash flows...
- News Source: The Australian | 17 days agoJames Hardie asbestos victims after a deal was struck between the Federal and State Governments. A loan of $360 million will be used to overcome a shortfall in the fund which, if untended, would have left thousands of dying James Hardie staff or...
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